- (a) The membership of a mutual savings bank shall consist solely of every depositor or holder of a deposit account issued by the savings bank.
- (b) The members of a stock savings bank shall be only the owners of its capital stock. Jointly owned stock shall constitute one membership.
- (c) Any savings bank that had legal existence under another statute prior to the date of this Act and which, if it was a mutual, included borrowers as members or, if its ownership was evidenced by stock, included borrowers and depositors as members, or as non-voting members, may retain that membership structure by resolution of its board of directors to be included in its application for a savings bank charter under this Act. Otherwise, borrowers may not be members of a savings bank operating under this Act, and only mutual savings banks may include depositors as members.
- (d) Joint ownership of an account constitutes one membership.
(from Ch. 17, par. 7304-1)
(Source: P.A. 86-1213; 87-498.)