6-882

6-882. Savings accounts and time deposits;
insurance; withdrawal; notice

A. If authorized by the articles of incorporation and bylaws and if approved by the
superintendent, a trust company may receive monies for the purpose of maintaining savings
accounts and time deposits. The trust company may pay interest on the savings accounts
and time deposits and may prescribe terms and conditions that are consistent with the
requirements of the federal deposit insurance corporation.

B. Before offering savings accounts and time deposits the board of directors shall
approve the action by a written resolution that specifies the written documents to be
issued representing the savings accounts and time deposits. The board shall submit:

1. A certified copy of the approving resolution to the superintendent.

2. Copies of the written documents to the superintendent for approval by the
superintendent.

C. The federal deposit insurance corporation or its successor shall insure all
savings accounts and time deposits held by a trust company. A trust company shall
immediately notify the superintendent when the trust company applies to the federal
deposit insurance corporation or its successor for deposit insurance. Until final
disposition of the application for deposit insurance, the trust company shall submit
monthly reports to the superintendent specifying the status of the application.

D. A trust company may require the holder of a savings account to give the trust
company written notice at least seven days before an intended withdrawal that is not
payable on a specified date or at the expiration of a specified time after the date of
deposit.

E. A trust company may issue a transferable, nontransferable, negotiable or
nonnegotiable certificate, instrument, passbook or statement representing a time deposit
or savings account.