(1) The board of directors of a savings association shall be responsible for the business policies of the association and for the enforcement of such policies by the managing officer.
(2) The board of each savings association shall designate a person to serve as the managing officer. The managing officer shall be the person responsible to the board of directors for the operation of the association. The board shall also designate a representative for the managing officer who may act for the managing officer during the temporary absence or inability of such officer to act. For the purposes of this section, the managing officer of a foreign association shall be a person in this state who is responsible to the board of directors of the association for the operations of the association in this state.
(3) The board of directors of each association shall inform the Director of the Department of Consumer and Business Services of the name of the managing officer and the managing officer’s representative upon the designation, or any change in the designation, of such a person. A board may comply with this subsection by mailing the director a verified copy of the minutes of the board meeting at which the managing officer or the managing officer’s representative is designated.
(4) Each director of a domestic association who is not a resident of this state shall, by service as a director, appoint the director as agent for service of process in any proceeding connected with the director’s election or service as a director. Subsections (5) to (7) of this section apply to service of process as authorized by this subsection.
(5) Service shall be made on the director by:
(a) Service on the director or on a clerk on duty in the Department of Consumer and Business Services, of a copy of the process, notice or demand, with any papers required by law to be delivered in connection with the service, and a $2 fee;
(b) Transmittal by the person instituting the proceedings of notice of the service on the director and a copy of the process, notice or demand and accompanying papers to the savings association being served by certified or registered mail:
(A) At the last-registered office of the savings association as shown by the records of the director; and
(B) At such address, the use of which the person initiating the proceedings knows or, on the basis of reasonable inquiry, has reason to believe is most likely to result in actual notice; and
(c) Filing with the appropriate court or other body, as part of the return of service, of the return receipt of mailing and an affidavit of the person initiating the proceedings that this section has been complied with.
(6) The director shall keep a record of all processes, notices and demands served under this section.
(7) Nothing contained in this section shall limit or affect the right to serve any process, notice or demand required or permitted by law to be served upon a savings association in any other manner now or hereafter permitted by law, or enlarge the purposes for which service on the director is permitted where such purposes are limited by other provisions of law. [1975 c.582 §58; 1983 c.717 §36; 1985 c.762 §57]
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