1. A. A mutual association may raise capital in the form of such savings accounts, shares or other accounts, including savings deposits in the case of a deposit association, for such fixed, minimum or indefinite periods of time as are authorized by its bylaws or by regulations of the State Banking Commissioner. Such accounts and deposits, all of which are referred to in this section as savings accounts, shall all have equal priority upon liquidation. A mutual association may issue such passbooks, certificates, and other evidence of savings accounts as are now or hereafter so authorized. With the exception of forms now in use by existing associations, all such forms evidencing savings accounts shall be promptly submitted to the Commissioner, and to the Director of the Office of Thrift Supervision, and the issuance of any such form shall be immediately discontinued in the event of disapproval. Unless otherwise provided by its bylaws, the total amount of savings account liability of a mutual association is unlimited.
2. B. A stock association may incur liabilities in the form of savings deposits for such fixed, minimum or indefinite periods of time as are authorized by its bylaws or by regulations of the Commissioner. Such deposits shall all have equal priority upon liquidation. A stock association may issue such passbooks, certificates and other evidence of savings deposits as are now or may hereafter be authorized for deposit associations. New or proposed forms evidencing savings deposits shall be promptly submitted to the Commissioner, and to the Director of the Office of Thrift Supervision, and the issuance of any such form shall be immediately discontinued in the event of disapproval. In stock associations, holders of savings deposits shall participate first in all assets upon liquidation, but only to the extent of their savings deposits. Unless otherwise provided by its bylaws, the total amount of savings deposit liability of a stock association is unlimited.

Added Laws 1970, HB 1543, c. 101, § 37, emerg. eff. June 1, 1970; Amended by Laws 1978, SB 385, c. 168, § 11, eff. July 1, 1979; Amended by Laws 1988, HB 1743, c. 65, § 23, emerg. eff. March 25, 1988; Amended by Laws 1990, HB 2278, c. 118, § 9, emerg. eff. April 23, 1990; Amended by Laws 1993, SB 31, c. 183, § 50, emerg. eff. July 1, 1993.