Title 13, Banks, Banking And Finance

Stock. (a) The capital stock shall all be of one (1) class and shall be fully paid and nonassessable in all events. (b) The owners of the stock shall be members of the association and entitled to one (1) vote for each share for election of directors and all other purposes. (c) Re…

Reserves. (a) State savings and loan associations, in addition to the par value of their capital, shall set up and maintain reserves as follows: (i) Except as provided in W.S. 13-7-102, before the declaration of a dividend for any period an association shall transfer an amount eq…

Bond of officers and agents. Each officer or agent having the custody of money or securities of any association shall give a bond to the association in an amount to be determined by the board of directors of the association commensurate with his liability. The bond shall be appro…

Procedure generally. (a) Any association organized under the laws of this state, including a mutual savings and loan association, may reorganize the association and provide for the carrying on of its business under the laws of this state by a vote of two-thirds (2/3) of the share…

Conversion to federal association; procedure. (a) Any state savings and loan association, including a mutual savings and loan association, or any other home financing association, eligible to become a federal savings and loan association may convert itself into a federal savings …

Conversion to federal association; effect. (a) When a conversion becomes effective as provided by W.S. 13-6-302, an association ceases to be supervised by this state and all of the property of the association shall continue to be vested in the association under its new name and s…

Conversion to state association; procedure. (a) Any savings and loan association organized under the federal laws and doing business in this state pursuant to W.S. 13-4-109 through 13-4-112, including a mutual savings and loan association, may convert itself into a state savings …

Conversion to state association; effect. When a conversion is effective, all the property of the federal savings and loan association continues to be vested in the association as a state savings and loan association. The state savings and loan association shall remain responsible…

When state banking commissioner to take charge; refusal to so permit. (a) If it appears to the state banking commissioner that the affairs of any savings and loan association are in an unsound condition or that it is conducting its business in an unsafe or unlawful manner, the st…

Directors to relieve unsound condition; duty. If it appears that the affairs of the association are in fact in an unsound condition, the state banking commissioner shall at once notify in writing the board of directors of the association of his decision, giving them twenty (20) d…

Directors to relieve unsound condition; failure. If the affairs of the association are not restored within the twenty (20) days, the state banking commissioner shall report the facts to the attorney general, who shall institute proceedings in the district court of the proper coun…

Losses exceeding reserves or earnings. Whenever the losses of an association exceed the reserve account they may be charged against the undivided earnings, if any, and if they also exceed undivided earnings, the state banking commissioner may proceed to wind up the affairs of suc…

Banking commissioner to be appointed receiver; assistants; bonding requirements. The state banking commissioner shall be appointed the receiver for any savings and loan association. No fee shall be allowed the state banking commissioner as the receiver, but he may appoint, upon t…

Priority of claims. (a) The claim of the owners of guaranty capital stock in an association is junior to the claim of savings and investment account holders and no part of the guaranty capital shall be withdrawn or retired until all savings and investment account holders have bee…