Every holder of a savings account or savings deposit of a mutual association and every borrower on the security of a mortgage or acquiring ownership of property upon which a mortgage is held by the association shall be deemed a member of such association. In a mutual association a holder of a savings account or savings deposit shall be entitled to one vote for each One Hundred Dollars ($100.00) of his savings account or savings deposit, and a mortgagor or owner of property on which the association holds a mortgage shall be entitled to one vote at all meetings of the members. Holders of the capital stock in a capital stock association shall have exclusive voting rights.

Laws 1970, HB 1543, c. 101, § 27, emerg. eff. June 1, 1970; Amended by Laws 1978, SB 385, c. 168, § 5, eff. July 1, 1979.