§ 11-40-103 — Savings and loan association defined

A savings and loan
association, within the meaning of articles 40 to 46 of this title, is any domestic or
foreign association or corporation formed, created, or organized to carry on the
business of a savings and loan association, which is formed to encourage industry,
thrift, home building, and saving among its members, by the accumulation of funds
through the issuance and sale of its own shares, capital notes, or debentures, the
acceptance of savings deposits, or any other manner permitted by the provisions of
articles 40 to 46 of this title, the loaning or investment of the funds so accumulated
to assist its members in acquiring real estate, in making improvements thereon, and
in paying off existing encumbrances thereon, or for any other purposes or in any
other manner permitted by the provisions of articles 40 to 46 of this title, and which
accumulates funds to be returned to its members.

Legislative History

Source: L. 33: p. 284, � 2. CSA: C. 25, � 2. CRS 53: � 122-1-2. C.R.S. 1963: � 122-1-2. L. 69: p. 1013, � 1.