(1) Any
other provision of articles 40 to 46 of this title to the contrary notwithstanding, any
association organized under articles 40 to 46 of this title may be organized as, or
may convert to, an association authorized to accept savings deposits. No
association shall accept savings deposits of the type provided for by this section
unless its articles of incorporation and bylaws shall specifically provide, or have
been amended to provide, for the acceptance of such deposits. For the purposes of
this section, all associations authorized to accept savings deposits shall be referred
to as deposit associations, and other associations organized under articles 40 to
46 of this title shall be referred to as share associations.
(2) Except as provided in this section, no deposit association shall issue or
sell shares, as otherwise provided in articles 40 to 46 of this title, except
permanent stock in the case of associations organized as permanent stock
companies; but all shares issued and outstanding at the time an association
converts to a deposit association shall retain their status as shares with the same
relative rights, privileges, duties, and obligations otherwise applicable to shares in a
share association, unless the holders thereof exchange or convert such shares to
savings deposits. If any law, rule, regulation, order, or decision regulating federal
savings and loan associations hereafter authorizes federal savings and loan
associations to accept both savings accounts, other than savings deposits (or issue
and sell shares), and savings deposits having substantially the same characteristics
as deposits permitted by this section, the commissioner, by rules and regulations
duly adopted, may authorize deposit associations to issue shares or accept
accounts having the same relative rights and other characteristics permitted by
such federal law, rule, regulation, decision, or order, subject to the same limitations,
restrictions, prohibitions, conditions, and provisions, to the extent found by the
commissioner to be applicable, as are provided from time to time by such federal
laws, rules, regulations, decisions, or orders.
(3) Except as otherwise specifically provided in this section and except to
the extent that such construction clearly would be inconsistent with the provisions
and intent of articles 40 to 46 of this title, all references in articles 40 to 46 of this
title (other than in this section) to shares or share accounts and to the owners or
holders of shares or share accounts or to shareholders shall, with respect to the
savings deposits authorized by this section, be applicable in the same manner and
to the same extent that they would be applicable if such savings deposits were
share interests in the association, and, except as provided in this section, the
relationships between a deposit association and the holders of savings deposits
therein shall be the same, and they shall have or be subject to the same rights,
privileges, options, discretions, duties, obligations, restrictions, limitations,
prohibitions, and conditions, as if the savings deposits were shares or the depositors
were shareholders in a share association, including, but without limitation, the right
of savings deposit holders to be members of the association and to have voting
rights therein and the right of such associations to issue accounts to minors or in
trust, to issue joint accounts, to adopt bonus plans, to issue permanent stock, and to
otherwise conduct their operations in the manner provided by the provisions of
articles 40 to 46 of this title.
(4) Notwithstanding any other provisions of articles 40 to 46 of this title, in
the event of voluntary or involuntary liquidation, dissolution, or winding up of a
deposit association or in the event of any other situation in which the priority of
savings deposits authorized by this section is in controversy, all savings deposits, to
the extent of their certificate value or withdrawal value at the time of the
determination of priority, shall be deemed debts of the association, having the same
priority as the claims of all general creditors of the association who do not have
priority, other than any priority arising or resulting from consensual subordination,
over other general creditors of the association, and, in addition, such savings
deposits shall have the same right to share in the remaining assets of the
association that they would have had if they were shares of such association. If, at
the time of the determination of priority, there are outstanding in a deposit
association any shares or share accounts in the association, such shares or share
accounts shall, to the extent of their certificate value or withdrawal value, have the
same priority as against other creditors or claimants as if they were savings
deposits.
(5) The provisions of sections 11-42-117 to 11-42-123 shall be applicable to
savings deposits, but any deposit association which fails to make full payment on
any withdrawal demand within ten days after expiration of any advance notice
period prescribed by the association's bylaws and permitted by articles 40 to 46 of
this title may be found by the commissioner to be conducting its business in an
unsafe or unauthorized manner or to be in an unsafe condition and subject to the
penalties or actions resulting from such findings, including, but without limitation,
the actions prescribed by sections 11-44-110 and 11-44-116.
(6) The provisions of sections 11-41-131 and 11-44-116 respecting the
voluntary and involuntary liquidation of an association shall apply to all deposit
associations, except to the extent that the order of priority of payment as between
the claims of creditors, holders of savings deposits, shareholders, holders of
permanent stock, or other investors is changed by the provisions of this section.
(7) If the laws, rules, regulations, orders, or decisions applicable to federal
savings and loan associations hereafter authorize federal savings and loan
associations to pay or contract to pay interest at an agreed rate on deposits or on
one or more classes of deposits, then, deposit associations organized and operating
under articles 40 to 46 of this title may likewise pay or contract to pay interest,
subject to such restrictions, limitations, prohibitions, conditions, and requirements
as the commissioner, by rules and regulations duly adopted and applicable to all
deposit associations, may prescribe.
(8) In order to achieve substantial equality between deposit associations
operating pursuant to the provisions of this section and federal savings and loan
associations authorized to accept savings deposits, the commissioner is authorized,
by rule or regulation duly adopted, to impose or grant, to the extent consistent with
the provisions of articles 40 to 46 of this title, the same restrictions, limitations,
prohibitions, conditions, requirements, duties, liabilities, provisions, authorities,
powers, rights, options, and discretions as are from time to time applicable to
federal savings and loan deposit associations under the laws, rules, regulations,
orders, and decisions applicable to such federal savings and loan associations.
(9) Savings deposits in a deposit association shall be evidenced by such
certificates, account books, or passbooks as the association could issue or would be
required to issue for a corresponding share account if it were not a deposit
association; but any such certificate, account book, or passbook shall be modified
so as to clearly reveal that the interest or obligation evidenced thereby is a savings
deposit and not a share or share account in the issuing association. The term
invested capital, as applied to a deposit association, shall include the certificate
values of all savings deposits therein. A deposit association may accept such one or
more types of savings deposits as are permitted by the bylaws of the association, if
such deposits are of a type and kind that may be accepted by savings and loan
associations insured by the federal deposit insurance corporation or its successor.
(10) Any provision to the contrary notwithstanding, all shares or accounts in a
federal or state chartered savings and loan association having substantially the
same relative rights and characteristics as either shares or savings deposits
provided for by this section, whether described or referred to as shares, savings
shares, investment shares, share accounts, certificates, certificate accounts,
savings accounts, savings deposits, or any other similar name, are the equivalent of
each other for all purposes involving the right or authority to invest or deposit
public or private funds, including funds held in trust or any other fiduciary capacity,
in any such association; and, if, by any law, statute, ordinance, resolution, rule,
regulation, order, decision, agreement, declaration, trust agreement, last will and
testament, or other similar enactment or instrument, the state of Colorado or any of
its counties, municipalities, districts, or other political subdivisions, including
special districts authorized by law, any institution, agency, official, instrumentality,
or department of any of the political entities described in this subsection (10), any
bank, savings bank, credit union, fraternal benefit society, trust deposit and
security company, trust company, or other financial institution, any insurance
company, or any agent, executor, administrator, trustee, custodian, or other
fiduciary or agent, including trustees or custodians of public or private pension or
retirement funds, is authorized or required to invest or deposit such public or
private funds in the shares of a federal or state chartered savings and loan
association or in any one or more of the other types of savings and loan accounts
named in this subsection (10), such funds may also be invested or deposited in any
one or more of the other types of accounts specified in this subsection (10) in such
an association, whether the earnings to be paid on such accounts are in the form of
dividends or of interest.