As used in articles 40 to 46 of this title 11, unless the
context otherwise requires:
(1)Branch means any office or other place of business in this state
operated by an association other than its principal office in this state where
subscriptions are sold, taken, or solicited for shares or stock.
(2)Certificate value means the aggregate of payments by a certificate
holder on shares evidenced by such certificate, plus dividends credited thereto, less
withdrawals thereon.
(3)Commissioner means the state commissioner of financial services.
(3.5) Contingent reserve means a reserve an association is required to set
up and maintain as described in section 11-42-111 (3).
(4)Division means the division of financial services.
(5)Domestic savings and loan association is one organize
Free access — add to your briefcase to read the full text and ask questions with AI
As used in articles 40 to 46 of this title 11, unless the
context otherwise requires:
(1) Branch means any office or other place of business in this state
operated by an association other than its principal office in this state where
subscriptions are sold, taken, or solicited for shares or stock.
(2) Certificate value means the aggregate of payments by a certificate
holder on shares evidenced by such certificate, plus dividends credited thereto, less
withdrawals thereon.
(3) Commissioner means the state commissioner of financial services.
(3.5) Contingent reserve means a reserve an association is required to set
up and maintain as described in section 11-42-111 (3).
(4) Division means the division of financial services.
(5) Domestic savings and loan association is one organized under the laws
of Colorado and complying with the provisions thereof.
(6) Dues means the periodic payments made or to be made by a member in
the purchase of savings shares.
(7) Federal savings and loan association means one organized or chartered
under the Home Owners' Loan Act of 1933, as may from time to time be amended,
or under any federal act which may be enacted as a successor act to regulate the
organization and operation of associations formerly organized or chartered under
said Home Owners' Loan Act of 1933. Federal savings and loan associations shall
not be subject to the provisions of articles 40 to 46 of this title.
(8) Foreign savings and loan association means an association or a holding
company of an association which is organized under the laws of any other state or
nation, except federal savings and loan associations which are organized under the
Home Owners' Loan Act of 1933, and any amendments thereto.
(9) Free share means a share not pledged to the association by which
issued as collateral security for the repayment of a loan to the owning member.
(10) Invested capital means the aggregate of all certificate values, plus the
aggregate par value of all permanent stock issued and paid for, if a permanent
stock association.
(11) Loan share means a share which has been pledged to the association
by which issued as collateral security for the repayment of a loan to the owning
member.
(12) Member means any person owning or having control of an account
with an association evidenced by certificate or passbook or any person borrowing
from or assuming a loan held by an association or obligated upon a loan held by an
association through purchase or otherwise, or a purchaser of property securing a
loan held by an association, or a purchaser of property on a contract from an
association.
(12.5) Net worth includes the sum of all reserve accounts, undivided
profits, permanent stock, preferred stock, and surplus, the principal amount of any
subordinated debt securities, and any other account or item included as net worth
by regulation of the commissioner or by any law, rule, regulation, order, or decision
of the federal deposit insurance corporation or its successor or any other state or
federal agency that is applicable to federal savings and loan associations.
(13) Permanent stock means stock which cannot be withdrawn or the value
paid to the holder thereof until all liabilities of the association have been fully
liquidated and paid.
(14) Share means a unit having a par value of one hundred dollars
evidenced by issued certificate, the certificate value of which represents the
proportionate interest of a holder in the association.
(15) Shareholder means the holder of shares which may be withdrawn upon
due and proper notice in accordance with the bylaws or as the laws of the state may
provide and the withdrawal or payment of which is not contingent upon the
payment of all liabilities of the association.
(15.5) State tax reserve means a reserve an association may set up and
maintain as described in section 11-42-111 (4).
(16) Stockholder means a holder of permanent stock.
(17) Subordinated debt security means any note, secured or otherwise,
debenture, or other debt security issued by a savings and loan association which is
subordinated or junior, on liquidation or otherwise, to any liability or claim of any
order or rank, including all claims having the same priority as or a higher priority
than savings account holders.
(18) Tax and loan account means an account, the balance of which is
subject to the right of immediate withdrawal, established for receipt of payments of
federal taxes and certain United States' obligations. Tax and loan accounts are not
shares, savings or share accounts, savings deposits, or deposit accounts.