§ 34-30-80 — Proposed mutual state savings banks, proposed stock state savings banks; articles of incorporation.

(A) The articles of incorporation of a proposed mutual state savings bank must include: (1) the name of the state savings bank, which must not so closely resemble the name of an existing depository institution doing business under the laws of this State as to be likely to mislead the public; (2) the county and city or town where its principal office is located in this State, and the name of its registered agent and the address of its registered office, including county and city or town, and street and number; (3) the period of duration, which may be perpetual. When the articles of incorporation fail to state the period of duration, it is considered perpetual; (4) the purposes for which the state savings bank is organized, limited to purposes permitted under the laws of this State for state savings banks; (5) the minimum amount on deposit in deposit accounts, not less than four million dollars, before the commencement of business; (6) a provision not inconsistent with this chapter and the proper operation of a state savings bank in which the incorporators provide for the regulation of the internal affairs of the state savings bank; (7) the number of directors, not less than five, constituting the initial board of directors, and the name and address of each person who is to serve as a director until the first meeting of members, or until a successor is elected and qualified; (8) the names and addresses of the incorporators. (B) The articles of incorporation of a proposed stock state savings bank must include: (1) the name of the state savings bank, which must not so closely resemble the name of an existing depository institution doing business under the laws of this State as to be likely to mislead the public; (2) the county and city or town where its principal office is located in this State, and the name of its registered agent and the address of its registered office, including county and city or town, and street and number; (3) the period of duration, which may be perpetual. When the articles of incorporation fail to state the period of duration, it is considered perpetual; (4) the purposes for which the state savings bank is organized, limited to purposes permitted under the laws of this State for state savings bank; (5) with respect to the shares of stock which the state savings bank has authority to issue, if the stock is to: (a) have a par value, the number of shares of stock and the par value of each; (b) be without par value, the number of shares of stock; or (c) be divided into classes, or into series within a class of preferred or special shares of stock, the articles of incorporation must also designate each class and each series within a class, and provide a statement of the preferences, limitations, and relative rights of the stock of each class or series; (6) the minimum amount of consideration to be received for its shares of stock before the commencement of business; (7) a statement as to whether stockholders have preemptive rights to acquire additional or treasury shares of the state savings bank; (8) a provision not inconsistent with this chapter or the proper operation of a state savings bank, in which the incorporators provide for the regulation of the internal affairs of the state savings bank; (9) the number of directors, not less than five, constituting the initial board of directors, and the name and address of each person who is to serve as a director until the first meeting of the stockholders, or until a successor is elected and qualified; and (10) the names and addresses of the incorporators. (C) The articles of incorporation may include other provisions authorized or permitted to be in the articles of incorporation of a corporation by Chapters 1 to 25 of Title 33.

Legislative History

HISTORY: 1997 Act No. 90, SECTION 1, eff June 10, 1997.