(1)Savings and loan
associations have the following powers:
(a)To have succession of its corporate name;
(b)As to all associations incorporated prior to June 8, 1933, to have
existence for the period named in their articles of incorporation and, on the
termination of such period, perpetually if so provided in the extension;
(c)As to all associations incorporated under articles 40 to 46 of this title, to
have existence perpetually;
(d)To sue and be sued in any court of law or equity;
(e)To have a corporate seal and to alter the same and use the same by
causing it or a facsimile thereof to be impressed or affixed or reproduced or
otherwise;
(f)To appoint such officers and agents as the business of the association
shall require and allow them reasonable compensation;
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(1) Savings and loan
associations have the following powers:
(a) To have succession of its corporate name;
(b) As to all associations incorporated prior to June 8, 1933, to have
existence for the period named in their articles of incorporation and, on the
termination of such period, perpetually if so provided in the extension;
(c) As to all associations incorporated under articles 40 to 46 of this title, to
have existence perpetually;
(d) To sue and be sued in any court of law or equity;
(e) To have a corporate seal and to alter the same and use the same by
causing it or a facsimile thereof to be impressed or affixed or reproduced or
otherwise;
(f) To appoint such officers and agents as the business of the association
shall require and allow them reasonable compensation;
(g) To make bylaws, not inconsistent with the constitution or laws of the
United States or of this state or the provisions of articles 40 to 46 of this title, and
alter the same at pleasure, and make all needed rules and regulations for the
transaction of its business and the control of its property and affairs, if a certified
copy of same has been filed with the commissioner. The bylaws of an association
may be amended either by the stockholders or shareholders at their annual meeting
or by the board of directors of an association at any regular meeting of the board of
directors; but no change in the bylaws shall take effect until approved by the
commissioner.
(h) To acquire, hold, mortgage, and convey all such real estate and personal
property as may be transferred to it in the operation of its business;
(i) To levy, assess, and collect from its shareholders such sums of money by
way of installment dues and interest on loans as the association may provide in its
bylaws;
(j) To issue and sell shares as provided in sections 11-42-101 to 11-42-106 or,
in the case of deposit associations operated under the provisions of section 11-42-125, to accept savings deposits as provided by such section;
(k) To redeem its shares and repay the funds acquired thereby with such
earnings as the same may be entitled according to the terms of the issue thereof if
the same are no longer required for the purposes of the association;
(l) To act as a trustee, custodian, or manager, or in any other fiduciary
capacity to the same extent authorized and permitted by the laws and regulations
applicable to federal savings and loan associations in Colorado, and, upon specific
approval by the commissioner, to act as the trustee, custodian, or manager of any
trust created or organized in the United States and forming a part of a stock bonus,
pension, profit-sharing, or retirement plan that is qualified for specific tax
treatment under the federal Self-Employed Individuals Tax Retirement Act of
1962, 26 U.S.C. sec. 401 et seq., as amended or supplemented, or under any other
act of congress enacted after June 2, 1971, as a substitute or replacement for the
federal Self-Employed Individuals Tax Retirement Act of 1962 or under the
federal Employee Retirement Income Security Act of 1974, 29 U.S.C. sec. 1001 et
seq., as amended or supplemented. The association managing funds of any such
plan, trust, or fund has, to the extent applicable to federal savings and loan
associations in Colorado, all of the rights, powers, privileges, and immunities and is
subject to the same obligations and duties as an individual fiduciary under like
circumstances with power to make investments. All funds held in such fiduciary
capacity by any association may be commingled for appropriate purposes of
investment, but individual records shall be kept by the fiduciary for each participant
and must show in proper detail all transactions engaged in under the authority of
this subsection (1)(l). An association acting as a trustee may control accounts in or
securities of an association pursuant to the exercise of its authority as a trustee.
The exercise by an association of any authority vested in it does not affect any
other authority of the association.
(m) To establish, subject to the regulations of the federal treasury
department, a tax and loan account and serve as a depository for federal taxes or
as a treasury tax and loan depository, and to satisfy any associated requirement;
(n) To provide in its articles of incorporation for the elimination or limitation
of the personal liability of a director to the corporation or to its stockholders for
monetary damages for breach of fiduciary duty as a director; except that such
provision shall not eliminate or limit the liability of a director to the corporation or to
its shareholders for monetary damages for: Any breach of the director's duty of
loyalty to the corporation or its stockholders; acts or omissions not in good faith or
which involve intentional misconduct or a knowing violation of law; or any
transaction from which the director derived an improper personal benefit. No such
provision shall eliminate or limit the liability of a director to the corporation or to its
shareholders for monetary damages for any act or omission occurring prior to the
date when such provision becomes effective.
(o) Pursuant to federal law or under such rules and regulations as may be
prescribed by the financial services board and subject to regulations promulgated
by the commissioner of insurance concerning the sale of insurance by savings and
loan associations as provided in section 10-2-601, C.R.S., to act as the agent,
through the savings and loan association or any service corporation thereof, for any
fire, life, or other insurance company authorized to do business in this state by
soliciting and selling insurance and collecting premiums on policies issued by such
company. For services so rendered, such savings and loan association or service
corporation of such savings and loan association may receive such fees or
commissions as may be agreed upon between such entity and the insurance
company for which it may act as agent.