Section 23-37-305 - Permanent stock associations - Initial subscriptions to savings accounts

As a prerequisite to approval of any application for a proposed permanent stock association, the incorporators must show, to the satisfaction of the Savings and Loan Association Board [abolished], subscribed savings accounts from individuals in the aggregate number and amount which, in the opinion of the board, will justify the initial successful operation of the association.Acts 1963, No. 227, § 30; A.S.A. 1947, § 67-1830.

As a prerequisite to approval of any application for a proposed permanent stock association, the incorporators must show, to the satisfaction of the Savings and Loan Association Board [abolished], subscribed savings accounts from individuals in the aggregate number and amount which, in the opinion of the board, will justify the initial successful operation of the association.Acts 1963, No. 227, § 30; A.S.A. 1947, § 67-1830.