Idaho State Statutes - Idaho Attorney Directory

MUTUAL SAVINGS BANKS -- OWNERSHIP -- MEMBERSHIP -- DIRECTORS
-- CAPITAL.
(1) Members of a mutual savings bank are the owners of the mutual savings bank
and shall possess voting rights and any other rights as are provided in the
articles of incorporation or bylaws of the mutual savings bank.
(2) The membership of a mutual savings bank shall consist of those
persons who either:
(a) Hold deposit accounts in the mutual savings bank; or
(b) Borrow funds or become obligated on a loan from the mutual savings
bank, for as long as the loan remains unpaid and the debtor remains liable
to the mutual savings bank for repayment of the loan.
(3) The board of directors of a mutual savings bank shall be elected by
the members at the annual meeting required by section 26-213, Idaho Code.
Voting for directors by deposit account holders shall be weighted according to
the total amount of deposit accounts held by the members, subject to any
maximum number of votes per member which a mutual savings bank may provide in
its articles of incorporation. Voting rights for borrowers shall be fully
described in a detailed manner in the articles of incorporation of the mutual
savings bank.
(4) Mutual savings banks operating under this chapter shall at all times
maintain capital at a level determined by the director to be adequate for the
safe and sound operation of the savings bank. In addition to the capital plan
required to be submitted to the director by section 26-1812, Idaho Code, each
mutual savings bank shall periodically revise its capital plan upon written
request by the director. All capital plans are subject to the approval of the
director. Either failing to maintain adequate capital or operating without an
approved capital plan are both violations of this chapter and grounds for
sanctions under chapter 11, title 26, Idaho Code.

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