Each mutual association shall operate upon one of the plans set forth in this section; and the bylaws of each mutual association shall designate under which of said plans it shall operate.
Plan 1. The nonshare plan described in section 76.
Plan 2. The share plan described in section 77.
Plan 3. The plan upon which it was operating on April 4, 1946, providing it has been continually operating on that plan.
Plan 4. Any insured mutual association may, at any time, elect to raise its capital by accepting savings deposits, provided that:
(1) The bylaws of the association so permit; and
(2) Such bylaws shall be approved at a regular or special meeting of the members of the association as provided in sections 114, 115 and 116 of this act.
Holders of savings deposits shall be creditors of the association and shall have equal priority with other ordinary general creditors in the event of the dissolution and liquidation of the association, and the bylaws shall so provide.
Savings members at the time of the adoption of Plan 4 who do not transfer such accounts to savings deposits shall, nevertheless, have equal rights with those who hold savings deposits.
The bylaws shall contain such other provisions as may be required by the commissioner and by the Federal Savings and Loan Insurance Corporation.
Where, under the provisions of this act or of any law of this State, the word "account" is used to describe a savings account in a savings and loan association, it shall be deemed to be inclusive of a "savings deposit."
Any mutual association may, at any time hereafter, change from the plan upon which it shall then be operating to Plan 1 or 2 and may make such change in plan applicable only to those memberships established after such change, continuing, concurrently, to operate upon the plan upon which it previously operated with respect to those memberships established prior to such change.
L.1963, c. 144, s. 75. Amended by L.1969, c. 28, s. 1, eff. May 2, 1969; L.1974, c. 137, s. 12, eff. Oct. 23, 1974.
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Last modified: October 11, 2016