HARRY HUGHES, Governor

1101

If its charter or bylaws provide, a savings and loan
association that is not a deposit association may issue savings
share accounts.

(b) Unlimited number of shares.

Notwithstanding any provision in its charter or bylaws

before July 1, 1980 on the number of savings share accounts, a

savings and loan association that is not a deposit association

may accept subscriptions and payment for an unlimited number of

savings share accounts without other corporate action.

Part III. Capital Structure of Associations—-Deposit Association.

9-314. Deposit association.

(a)  In general.

Only a deposit association may issue savings deposit
accounts.

(b)  Authority to become deposit association.

A savings and loan association may become a deposit
association if:

(1)  Its charter or bylaws provide; and

(2)  The [Board of Commissioners] DIVISION DIRECTOR
approves.

9-315. Rights of owner of deposit account.

(a)  Claim priority of deposit account.

The holder of a savings deposit account in a savings and
loan association has the same claim priority in any distribution
of assets on liquidation as a general creditor of the deposit
association to the extent of the deposit account's withdrawal
value.

(b)  Membership, voting, and distribution rights.

In addition to subsection (a) of this section, the holder of
a savings deposit account has the same rights as the owner of a
savings share account, including any membership or voting rights
and the right to share in any distribution of remaining assets on
liquidation.

9-316. Nature of deposit associations.

If a savings and loan association becomes a deposit
association:

(1) It may accept only savings deposit accounts;