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Session Laws, 1961 (Special Session), House and Senate Journals
Volume 648, Page 15   View pdf image (33K)
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J. MILLARD TAWES, GOVERNOR 17

corporators all funds deposited by them in accordance with this
Section, subject to the payment of all expenses. The Director shall
release the bond delivered to him in accordance with sub-section (e)
hereof upon satisfactory assurance of such payment and refund.

(f) Forfeiture of charter for non-use. Any association heretofore
formed which shall not actively engage in business by receiving money
for free share accounts or making mortgage loans within ninety (90)
days after the effective date of this Section, and any association here-
after formed which shall not actively engage in business by receiving
money for free share accounts or making mortgage loans within
ninety (90) days after the date upon which its legal corporate ex-
sistence shall begin, shall forfeit its corporate charter for non-use,
upon entry of an order, in accordance with Section 16OH of this
Article, finding no just cause for failure so actively to engage in
business and directing the association to cease and dissolve its
business. A copy of such order shall, upon finality, be certified to the
Department and, from the time of receipt by said Department, the
powers conferred by law upon the association shall be inoperative,
null and void.

160N. INDICATION OF A BUILDING OR HOMESTEAD AS-
SOCIATION.

(a) Name indicating association. The name of the corporation
shall be such as to indicate that it is a building, savings and loan or
homestead association. This provision shall be deemed to be complied
with if the name contains the words "savings association", "building
association"* "savings and loan association"
', "building and loan as-
sociation", "building and homestead association" or any combination
of these words. The name need not be such as to indicate that it is a
corporation except as provided in Section 160P (d) hereof.

(b) Conformity. Only those building, savings and loan or home-
stead associations which conform to the provisions of this Article
shall be entitled to call themselves sayings associations, building as-
sociations, savings and loan associations, building and loan associa-
tions, building and homestead associations or any combination of said
words.

160-O. CHARTER AMENDMENT.

Any amendment to the charter pursuant to Sections 10 through 13
of this Article shall be executed and filed with the Department in
accordance with the procedures set forth in sub-section 160M (e) of
this Article for the filing of articles of incorporation, except that the
provision requiring newspaper publication of the fact of filing shall
not apply. The fee for filing articles of amendment with the Depart-
ment shall be ten dollars ($10. 00), to be collected by the Department.

160P. CAPITAL.

(a) Only one class of stock. Any association heretofore or here-
after formed under this Article shall have or issue only one kind
or class of shares or stock and all the holders of such shares or stock
shall have equal rights as to voting, earnings, and assets, and any
association heretofore or hereafter formed shall have power of ac-
cepting subscriptions to and payments on account of any number^ of
shares or stock without limit and without other corporate action,



 

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Session Laws, 1961 (Special Session), House and Senate Journals
Volume 648, Page 15   View pdf image (33K)
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