17-5816. Same; adoption of bylaws to raise capital; approval or disapproval by commissioner; appeal.
17-5816
17-5816. Same; adoption of bylaws to raise capital; approval or
disapproval by commissioner; appeal.
An association electing to raise capital in the form of savings deposits
shall adopt bylaws authorizing the issuance of savings deposits and the
operation of the association as a deposit association, which bylaws shall
become effective upon written approval of the commissioner. In the event
the commissioner shall fail either to approve or disapprove such bylaws
within a period of sixty (60) days from the date submitted to the
commissioner for approval, the same shall be deemed approved and effective
as of the expiration of such sixty-day period. If the commissioner shall
disapprove such proposed bylaws, the association may appeal from such
action to the savings and loan board.
History: L. 1970, ch. 97, § 3; July 1.