Section 45-5-605 - Issuance of thrift certificatesAn industrial bank shall not issue thrift certificates until and unless:
(1) It is qualified for federal deposit insurance and its thrift certificates are insured by the federal deposit insurance corporation;(2) It has filed the forms, documents and receipts to be used by it in the offering and sale of the thrift certificates with the commissioner; and(3) It has complied with all rules and orders of the commissioner governing the issuance of the thrift certificates by it.Acts 1983, ch. 274, § 20.