Section 58-10-4 - Permanent capital stockA. The charter of an association may provide for the issuance of permanent capital stock. Except as provided in the Savings and Loan Act, no other form or type of stock or shares shall be issued by an association. When issued, permanent capital stock shall not be retired or withdrawn, except as provided in the Savings and Loan Act, until after all liabilities of the association have been satisfied in full, including the withdrawal value of all savings accounts. Such stock must be fully paid for in cash in advance of issuance, and the association shall not make any loans against the shares of such stock. The shares may have a par value of not less than one dollar ($1.00) nor more than one hundred dollars ($100) each.B. At the time of commencing business, an association authorized to issue permanent capital stock shall have issued and outstanding an amount thereof equal in par value to the following minimum amounts, based on the total population of the area in which its principal office is to be located: Population of Area | Minimum Stock Required |
Below 10,000 | $ 75,000 |
10,001 to 25,000 | 100,000 |
25,001 to 50,000 | 200,000 |
50,001 to 100,000 | 250,000 |
100,001 to 200,000 | 350,000 |
200,001 to 350,000 | 425,000 |
Over 350,000 | 500,000 |
C. Any association may retire permanent capital stock in whole or part, and any association may provide for the issuance of such stock, upon being authorized to do so by a majority vote of the members entitled to vote at any annual meeting of its members or at any special meeting of its members called for the purpose. The basis of such retirement or issuance shall first be approved by the supervisor, who shall satisfy himself that all provisions of the Savings and Loan Act have been complied with and written consent to such retirement by the agency insuring the accounts of the association has been filed with the supervisor.D. The provisions of this section are not retroactive with respect to associations established or approved by the director of the financial institutions division prior to the effective date of the Savings and Loan Act.1953 Comp., § 48-15-48, enacted by Laws 1967, ch. 61, § 4; 1977, ch. 245, § 37.