(1) An industrial bank shall not issue thrift certificates until and unless:(1) It is qualified for federal deposit insurance and its thrift certificates are insured by the federal deposit insurance corporation;(2) It has filed the forms, documents and receipts to be used by it in the offering and sale of the thrift certificates with the commissioner; and(3) It has complied with all rules and orders of the commissioner governing the issuance of the thrift certificates by it.
(1) It is qualified for federal deposit insurance and its thrift certificates are insured by the federal deposit insurance corporation;
(2) It has filed the forms, documents and receipts to be used by it in the offering and sale of the thrift certificates with the commissioner; and
(3) It has complied with all rules and orders of the commissioner governing the issuance of the thrift certificates by it.