§ 11-105-102 — Accounts and interest

(1) A state bank may maintain demand,
savings, and time deposit accounts and any type of account that a national bank
may maintain.

(2) Savings deposits shall be repaid to the depositors under such rules as the
board of directors of the state bank shall, from time to time, prescribe. Such rules
shall be conspicuously exposed in some place accessible and visible in the business
office of the state bank. No alterations that may at any time be made in the rules
shall in any manner affect the rights of a depositor within the contract period in
respect to deposits made previous to such alteration.

(3) The banking board may by rule establish the maximum annual rate of
interest that a state bank may pay on any type of deposit or account. In the absence
of such rule, a state bank shall be subject only to applicable federal law in the
payment of interest.

Legislative History

Source: L. 2003: Entire article added with relocations, p. 1113, � 3, effective July 1.