Section 13-6-403 – Directors to Relieve Unsound Condition; Failure.
13-6-403. Directors to relieve unsound condition; failure. If the affairs of the association are not restored within the twenty (20) days, the state banking commissioner shall report the facts to the attorney general, who shall institute proceedings in the district court of the proper county for the appointment of a receiver and for the dissolution […]
Section 13-6-404 – Losses Exceeding Reserves or Earnings.
13-6-404. Losses exceeding reserves or earnings. Whenever the losses of an association exceed the reserve account they may be charged against the undivided earnings, if any, and if they also exceed undivided earnings, the state banking commissioner may proceed to wind up the affairs of such association.
Section 13-6-405 – Banking Commissioner to Be Appointed Receiver; Assistants; Bonding Requirements.
13-6-405. Banking commissioner to be appointed receiver; assistants; bonding requirements. The state banking commissioner shall be appointed the receiver for any savings and loan association. No fee shall be allowed the state banking commissioner as the receiver, but he may appoint, upon the approval of the court, persons to assist him in any receivership proceedings […]
Section 13-6-406 – Priority of Claims.
13-6-406. Priority of claims. (a) The claim of the owners of guaranty capital stock in an association is junior to the claim of savings and investment account holders and no part of the guaranty capital shall be withdrawn or retired until all savings and investment account holders have been paid in full at par with […]
Section 13-7-101 – Generally.
13-7-101. Generally. (a) Except as otherwise provided any association shall have the powers provided for in the general laws of this state relating to the creation and regulation of private corporations and in addition thereto shall have power, subject to the terms and conditions contained in the articles of incorporation and bylaws to: (i) Issue […]
Section 13-6-303 – Conversion to Federal Association; Effect.
13-6-303. Conversion to federal association; effect. (a) When a conversion becomes effective as provided by W.S. 13-6-302, an association ceases to be supervised by this state and all of the property of the association shall continue to be vested in the association under its new name and style as a federal savings and loan association. […]
Section 13-6-304 – Conversion to State Association; Procedure.
13-6-304. Conversion to state association; procedure. (a) Any savings and loan association organized under the federal laws and doing business in this state pursuant to W.S. 13-4-109 through 13-4-112, including a mutual savings and loan association, may convert itself into a state savings and loan association under the laws of this state by the following […]
Section 13-6-306 – Conversion to State Association; Effect.
13-6-306. Conversion to state association; effect. When a conversion is effective, all the property of the federal savings and loan association continues to be vested in the association as a state savings and loan association. The state savings and loan association shall remain responsible for all the obligations of the federal association.
Section 13-6-401 – When State Banking Commissioner to Take Charge; Refusal to So Permit.
13-6-401. When state banking commissioner to take charge; refusal to so permit. (a) If it appears to the state banking commissioner that the affairs of any savings and loan association are in an unsound condition or that it is conducting its business in an unsafe or unlawful manner, the state banking commissioner may take possession […]
Section 13-6-402 – Directors to Relieve Unsound Condition; Duty.
13-6-402. Directors to relieve unsound condition; duty. If it appears that the affairs of the association are in fact in an unsound condition, the state banking commissioner shall at once notify in writing the board of directors of the association of his decision, giving them twenty (20) days in which to restore the affairs of […]