§ 19-2-1. Agreement to form financial institution. Fifteen (15) or more persons, all of whom shall be citizens and residents of this state, who associate themselves by a written agreement to form, may, upon compliance with the provisions of this chapter, become a financial institution, with all the powers, rights, and privileges, and subject to […]
§ 19-2-10. Amendment of agreement to form. (a) Subject to the approval of the director, or the director’s designee, any financial institution or credit union may amend its agreement to form. (b) If the amendment increases the capital stock of a stock financial institution, the certificate of the general treasurer that the financial institution has […]
§ 19-2-11. Establishment of branches. Any financial institution or credit union may establish a branch, or branches, within this state at any other place than its main office upon obtaining the approval of the director, or the director’s designee. The director, or the director’s designee, shall decide, upon consideration of factors consistent with the creation […]
§ 19-2-12. Relocation of branches. Any financial institution or credit union may relocate a branch upon sixty (60) days’ prior written notice to the director, or the director’s designee, provided that the relocated branch is: (1) To be located within the same city or town as the existing branch; or (2) To be located within […]
§ 19-2-13. Merger. (a) Any financial institution may, subject to the approval of the director, or the director’s designee, to be given on any notice and terms that the director, or the director’s designee, may require: (1) Merge into, or consolidate with, another regulated institution or other insured-deposit-taking institution duly organized under the laws of […]
§ 19-2-14. Conversion to stock form of financial institution. (a) Any mutual savings bank chartered under the laws of this state may convert to and become a financial institution with capital stock upon adoption of a plan of conversion by two-thirds (⅔) vote of the board of trustees and approval of the plan by the […]
§ 19-2-14.1. Mutual holding companies. (a) Any mutual savings bank chartered under the laws of this state may reorganize into the mutual holding company form of organization pursuant to this section. A mutual savings bank may reorganize into a mutual holding company form of organization by organizing a mutual holding company and chartering one or […]
§ 19-2-15. Approval of amendments to bylaws required. The bylaws of any financial institution shall not be altered, amended, or added to except upon approval of the director, or the director’s designee. A certified copy of the proposed alteration, amendment, or addition shall be submitted to the director, or the director’s designee, who shall endorse […]
§ 19-2-16. Indemnification of officers and employees for acts in course of duties. Any financial institution or credit union may, by bylaw, authorize its directors or trustees to indemnify and reimburse any person (or the personal representative of any person) who at any time serves, or shall have served, as director, trustee, officer, or employee […]
§ 19-2-17. Oath of director. Every director of a financial institution, when appointed or elected, shall take an oath that he or she will, so far as the duty devolves on him or her, diligently and honestly administer the affairs of the financial institution, and will not knowingly violate, or willingly permit to be violated, […]
§ 19-2-18. Record of meetings of boards and committees. Every financial institution and credit union in this state shall cause a record to be made, in a book kept for that purpose, of all of the proceedings of the board of directors or trustees or standing committees thereof, at every meeting thereof, and of the […]
§ 19-2-19. Bonds of officers and employees — Supervision by director. (a) Every officer and employee of a regulated institution shall be bonded in a form and in an amount that the director, or the director’s designee, may prescribe, for the honest discharge of his or her duties, and shall file with the director, or […]
§ 19-2-2. Contents of agreement to form. (a) Any agreement to form shall state that the subscribers to the agreement associate themselves with the intention of forming a financial institution pursuant to this title to transact business authorized by this title within this state and shall specify: (1) The name by which the financial institution […]
§ 19-2-20. Severability. If any provision of this chapter or the application of this chapter to any person or circumstances is held invalid or unconstitutional, the invalidity or unconstitutionality shall not affect other provisions or applications of this chapter that can be given effect without the invalid or unconstitutional provision or application, and to this […]
§ 19-2-3. Application to form financial institution — Issuance or denial of certificate. The subscribers to the agreement to form shall make application to the director, or the director’s designee, for a certificate that public convenience and advantage will be promoted by the establishment of the financial institution, which certificate the director, or the director’s […]
§ 19-2-4. Notice of subscribers’ meeting. The first meeting of the subscribers to the agreement to form shall be called by a notice signed either by that subscriber to the agreement to form who is designated in the agreement for this purpose, or by a majority of the subscribers. The notice shall state the time, […]
§ 19-2-5. Proceedings at subscribers’ meeting. At the first meeting, or at the adjournment of any meeting, the subscribers shall, without limiting other actions, choose a temporary secretary, adopt bylaws, and elect, in any manner as the bylaws may determine, directors, a president, a secretary, and any other officers as the bylaws may prescribe. All […]
§ 19-2-6. Certificate of president and directors elected at first meeting. The president and a majority of the directors who are elected at the first meeting shall make, sign, and make oath to a certificate setting forth: (1) A true copy of the agreement to form, the names of the subscribers to the agreement, and […]
§ 19-2-7. Approval of certificate — Filing — Fee on capital stock. The certificate in § 19-2-6 shall be submitted to the director, or the director’s designee, together with the records of the first meeting, and the director, or the director’s designee, shall examine the certificate and records and may require an amendment of the […]
§ 19-2-8. Certificate of secretary of state. The secretary of state shall, upon the filing of certificates, as provided in § 19-2-7, and upon the payment of ten dollars ($10.00), record the certificate and issue to the financial institution a certificate, under the seal of the state, substantially in the following form: BE IT KNOWN […]
