17-5816.   Same; adoption of bylaws to raise capital; approval ordisapproval by commissioner; appeal.An association electing to raise capital in the form of savings depositsshall adopt bylaws authorizing the issuance of savings deposits and theoperation of the association as a deposit association, which bylaws shallbecome effective upon written approval of the commissioner. In the eventthe commissioner shall fail either to approve or disapprove such bylawswithin a period of sixty (60) days from the date submitted to thecommissioner for approval, the same shall be deemed approved and effectiveas of the expiration of such sixty-day period. If the commissioner shalldisapprove such proposed bylaws, the association may appeal from suchaction to the savings and loan board.

      History:   L. 1970, ch. 97, § 3; July 1.