Section 58-10-7 - Savings account requirements for proposed permanent capital stock associationsA. As a prerequisite to approval of an application for charter for an association with authority to issue permanent capital stock, the incorporators must show to the satisfaction of the supervisor subscribed and pledged savings accounts in the following aggregate amounts, based on the total population of the area in which the principal office of the association is to be located: Population of Area | Minimum Paid-in Savings Accounts |
Below 10,000 | $225,000 |
10,001 to 25,000 | 300,000 |
25,001 to 50,000 | 375,000 |
50,001 to 100,000 | 400,000 |
100,001 to 200,000 | 450,000 |
200,001 to 350,000 | 525,000 |
Over 350,000 | 600,000 |
B. The population of the area shall be determined by the supervisor.C. The provisions of this section are not retroactive with respect to associations established or approved by the director of the financial institutions division prior to the effective date of the Savings and Loan Act.1953 Comp., § 48-15-51, enacted by Laws 1967, ch. 61, § 7; 1977, ch. 245, § 39.