Any individuals desiring to transact savings and loan business may, by complying with this chapter, become a body corporate for that purpose. The articles of incorporation for a savings association shall state:
(1) That the association is organized for the purpose of transacting savings and loan business.
(2) Whether the association is organized as a stock association or a mutual association and, if as a mutual association, state who has membership rights and the relative rights of different classes of members of the association. [1975 c.582 §36]
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