435 – General Powers.
§ 435. General powers. The savings and loan bank shall, subject to the restrictions and limitations contained in this article and its by-laws, have the following powers: 1. To issue, sell and redeem bonds and notes secured by bonds and first mortgages made to or held by its members and to issue, sell and redeem […]
436 – Restrictions on Powers.
§ 436. Restrictions on powers. The savings and loan bank shall not: 1. Do a general deposit business except with its members. 2. Invest more than twenty-five per centum of its surplus account in real estate occupied, or to be occupied, by it as a place of business, without the written approval of the superintendent. […]
437 – Redemption of Bonds and Notes; Procedure in Event of Default.
§ 437. Redemption of bonds and notes; procedure in event of default. 1. All bonds and notes issued by the savings and loan bank may be called on any interest day at one hundred two and one-half per centum and interest by giving notice of not less than sixty days in a newspaper published in […]
438 – Surplus Account.
§ 438. Surplus account. 1. The savings and loan bank shall accumulate from its profits a surplus account by carrying thereto annually a sum equal to one-half of one per centum of its capital, until such surplus account shall be equal to at least fifteen per centum of its capital. 2. The guaranty fund on […]
439 – Membership; Liability; Transfer of Shares.
§ 439. Membership; liability; transfer of shares. 1. Membership in the savings and loan bank shall be limited to savings and loan associations, except, that the directors of the savings and loan bank may, in their discretion, permit federal savings and loan associations located in this state to be or become members of the savings […]