Title 26 — BANKS AND BANKING

26-1801. Short title. This chapter shall be known as the "Idaho Savings Bank Act."

26-1802. Purpose. The purpose of this act is to allow any federal savings bank, federal mutual savings bank or federal savings and loan association, located in Idaho to convert its charter to that of an Idaho bank, an Idaho stock savings bank or an Idaho mutual savings bank. Bank…

26-1803. Definitions. Unless the context requires otherwise, the terms below have the meaning assigned: (1) "Department" means the Idaho department of finance. (2) "Director" means the director of the Idaho department of finance. (3) "Mutual savings bank" means a savings bank own…

26-1804. Idaho bank act and general business corporation laws. (1) Except as otherwise provided in this chapter, the Idaho bank act shall apply to all corporations converted and operating under this act. (2) Except as otherwise provided herein or in the Idaho bank act, the genera…

26-1805. Prohibitions. Unless chartered under this act or federal law, it shall be unlawful for any person in this state to use in connection with a business name the term "savings bank" or words of similar import that lead the public reasonably to believe that the business so co…

26-1806. Insurance required. All savings banks shall obtain and maintain federal deposit insurance through an insurance corporation created by an act of Congress.

26-1807. Qualification as thrift institution. All savings banks shall qualify for and maintain the status of a thrift institution under the internal revenue code of 1986 and any amendments thereto.

26-1808. Trust powers. Savings banks which have received a charter from the director authorizing the operation of a trust department may engage in the trust business in accordance with chapters 32 through 36, title 26, Idaho Code.

26-1809. Powers. In addition to the powers granted to banks under provisions of the Idaho bank act, and specifically section 26-1101, Idaho Code, savings banks may exercise any power or engage in any activity authorized either for federal savings banks or savings and loan associa…

26-1810. Demand deposits. Savings banks may accept deposits subject to withdrawal or to be paid upon checks of the depositor. All such deposits shall be payable on demand, without notice, except when the deposit agreement provides otherwise.

26-1811. Mutual savings banks — Ownership — Membership — Directors — Capital. (1) Members of a mutual savings bank are the owners of the mutual savings bank and shall possess voting rights and any other rights as are provided in the articles of incorporation or bylaws of the mutu…

26-1812. Conversions. All conversions from one (1) form of charter to another issued by the department shall be approved in advance in writing by the director. All conversion applications filed with the director involving savings banks, including conversion applications under sec…

26-1813. Mutual to stock conversions. A mutual savings bank may change its form of organization to that of a stock savings bank by filing an application with the director. As part of the application, the savings bank will include a plan of conversion, which the director may appro…

26-1814. Acquisitions. All acquisitions shall be approved in advance in writing by the director. (1) A mutual or stock savings bank may acquire, as defined by section 26-2605, Idaho Code, a savings bank organized in the same form. (2) A stock savings bank may acquire or be acquir…

26-1815. Foreign savings and loan associations. A savings and loan association or savings bank chartered and operating under the laws of another state which has received a valid permit from the director of finance to do business as a savings and loan association or savings bank w…