Section 13-7-301 – Savings and Investment Accounts.
13-7-301. Savings and investment accounts. State savings and loan associations may accept savings and issue savings account books or investment certificates as evidence of savings and shall credit interest or pay interest in cash periodically at least annually, if earned. Savings and investment accounts are ownership accounts in the association and not creditor liabilities and […]
Section 13-7-302 – Accounts of Minors; Joint Accounts.
13-7-302. Accounts of minors; joint accounts. (a) Any association may accept the following accounts when provided by its bylaws: (i) Accounts in the name of any minor which shall be held for his exclusive right and benefit and free from the control or lien of all other persons. The accumulated savings together with the interest […]
Section 13-7-305 – Right to Redeem Savings or Investment Accounts.
13-7-305. Right to redeem savings or investment accounts. (a) The association may redeem by lot or otherwise, as determined by the board of directors, any part of any of its savings or investment accounts on a dividend date by giving thirty (30) days’ notice by registered mail when funds are available for that purpose. An […]
Section 13-7-401 – Debenture Bonds.
13-7-401. Debenture bonds. (a) Except as provided in W.S. 13-7-102, any savings and loan association may issue its debenture bonds maturing not later than five (5) years from the date of issue and bearing interest not exceeding six percent (6%) per annum. No bonds shall be issued unless there are sufficient funds on hand or […]
Section 13-7-203 – Dividends.
13-7-203. Dividends. (a) Guaranty capital stock is not entitled to any dividend until all expenses and losses have been paid and reserves have been provided as required by law and all interest has been paid on all savings and investment accounts. (b) Following compliance with subsection (a) of this section all liabilities, earnings and undivided […]
Section 13-7-102 – Organization of Savings and Loan Associations.
13-7-102. Organization of savings and loan associations. (a) It is the purpose of this section to authorize the organization and operation of state savings and loan associations according to the laws of the state of Wyoming which have the same powers and are subject to the restrictions provided for by the laws of the United […]
Section 13-7-103 – Reports; Examinations; Membership in Federal Home Loan Bank.
13-7-103. Reports; examinations; membership in federal home loan bank. (a) Repealed by Laws 2015, ch. 68, § 2. (b) A state savings and loan association may do all things necessary to obtain and to continue membership in the federal home loan bank and to obtain advances from it.
Section 13-7-104 – Real Estate and Personal Property.
13-7-104. Real estate and personal property. (a) Except as provided in W.S. 13-7-102, any association may acquire, hold, encumber and convey real estate and personal property necessary for the transaction of its business or necessary to enforce or to protect its securities but it shall not otherwise acquire or deal in real estate. No association […]
Section 13-7-201 – “Member” Defined.
13-7-201. “Member” defined. A member of a state savings and loan association is any person owning a savings account or investment certificate or any person borrowing from or assuming a loan held by an association or obligated upon a loan held by an association through purchase. Savings and investment account holders have no vote in […]
Section 13-7-202 – Interest and Earnings.
13-7-202. Interest and earnings. Interest receivable on all loans shall be accrued monthly and an interest due and accrued account shall be maintained equivalent to all accrued and uncollected interest. By each closing date, after payment or provision for all expenses and appropriate transfers to reserves, the remainder of net earnings for the period shall […]