(A) The membership of a mutual state savings bank consists of those who:
- (1) hold deposit accounts in the state savings bank, and
- (2) borrow funds and those who become obligated on a loan from the state savings bank, for as long as the loan remains unpaid and the borrower remains liable to the state savings bank for the payment of the loan.
- (B) A person, as a matter of right or in a trust or other fiduciary capacity, or any partnership, association, corporation, political subdivision, or public or governmental unit or entity may become a member of a mutual state savings bank. Members must be possessed of voting rights and other rights as are provided by a state savings bank's articles of incorporation and bylaws as approved by the board.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.