Title 08, Title 08: Banking and Insurance

§ 13105. Payment of capital deposits (a) A financial institution organized under this chapter shall not commence business until the minimum capital deposits required in its permission to organize have been deposited to the credit of the financial institution in a depository desig…

§ 13106. Certificate to commence business (a) Upon receipt of the statement required in section 13105 of this title, the Commissioner shall cause an examination to be made to determine if the minimum capital deposits have been credited to the account of the institution and that a…

§ 13107. Failure to commence business (a) As to any mutual or cooperative financial institution that fails to commence business as a financial institution within two years after receiving a certificate of general good under section 13102 of this title, its certificate of general …

§ 13201. Initial capital deposits; capital reserves (a) The initial capital deposits required under section 13105 of this title for commencing business shall be paid into an account of the institution known as the “capital reserve” account. (b) The institution shall record on its…

§ 13202. Return of initial capital deposit The initial capital deposits, together with any dividends or interest credited thereon, may be returned, pro rata, to the contributors, or their heirs, executors, administrators, or assigns, subject to the following conditions and limita…

§ 13203. Capital notes or debentures as capital reserve Subject to prior approval of the Commissioner, a financial institution may issue capital notes or debentures, the proceeds from the sale of which may be used in lieu of capital deposits to establish part of the capital reser…

§ 13301. Corporators of mutual financial institutions (a) Persons named in the organizational documents constitute the original board of corporators of a mutual financial institution. Membership on this board continues until terminated by death, resignation, or disqualification a…

§ 13302. Members of a cooperative financial institution; qualifications and voting rights (a) The members of a cooperative financial institution organized pursuant to this chapter shall be those in whose names accounts are established and persons borrowing from or assuming or obl…

§ 13303. Powers and duties of corporators and members (a) Corporators or members shall hold regular annual meetings, at a time fixed in the internal governance documents of the institution, for the purpose of electing directors of the institution and for the transaction of any ot…

§ 13401. Directors: number, election, qualifications, and term (a) The number of directors on the governing body of a mutual or cooperative financial institution may not be less than five, all of whom shall be residents of the financial institution’s geographic area or an area pr…

§ 13402. Meetings of the governing body (a) The governing body shall hold at least six meetings each year at a time fixed in the internal governance documents, which shall be held at least once each quarter. In any month in which the governing body does not meet, the executive co…

§ 13403. Powers and duties of the governing body (a) The governing body may exercise any and all powers of an institution not expressly reserved to the corporators or members by this title or by the institution’s organizational documents or internal governance documents. (b) The …

§ 13501. Officers (a) Election. Unless another manner for election is provided in the internal governance documents, the governing body shall elect annually from its members a chair, and from its members or otherwise, an executive officer, a secretary, a treasurer, and such other…

§ 13601. Voluntary dissolution; procedure; criteria (a) A mutual or cooperative financial institution shall submit to the Commissioner for approval a plan of dissolution prior to filing its articles of dissolution under Title 11A. The plan shall contain the following items: (1) p…