§ 13-6-102 — Articles of incorporation; bylaws; definition

Wyoming § 13-6-102

• Jurisdiction: Wyoming
• Title 13: Banks, Banking and Finance
• Ch. 6: SAVINGS AND LOAN ASSOCIATIONS
• Art. 1: GENERALLY

Text

(a) Not less than five (5) natural persons may associate
for the purpose of carrying on a savings and loan business by
making and acknowledging in triplicate and by filing articles of
incorporation specifying:
(i) The name of the proposed association indicating
the character of business to be conducted by the association;
(ii) The city and county where the principal place of
business of the association is to be located, which must be
within the state of Wyoming;
(iii) The number of its directors, which shall not be
less than five (5);
(iv) The names, occupation and post office addresses
of its first directors;
(v) The names, occupation and post-office addresses
of the subscribers to the articles of incorporation, and a
statement of the number of shares which each has agreed to take;
(vi) The amount of capital actually paid in.
(b) The articles shall be filed in the office of the state
banking commissioner for his approval. The association shall at
the same time file its bylaws.
(c) The articles of incorporation may be amended by a vote
of at least two-thirds (2/3) of the shareholders voting at any
meeting. A copy of the resolution making the amendment shall be
certified in triplicate by the president and secretary and filed
the same as original articles. The amendment is effective from
the time of filing.
(d) Each association shall adopt bylaws which shall be in
conformity with the laws of this state. Bylaws shall be open to
the inspection of the state banking commissioner and the members
of the association at its home office. All bylaws shall be
approved by the state banking commissioner before becoming
effective.
(e) Bylaws shall specify the terms and plans of becoming
and continuing a member and of withdrawal, the plan of making
loans, distributing profits, equalizing losses, providing for
payment of expenses and for a fund with which to pay losses and
other rules as are proper for the conduct of the business of the
association not inconsistent with the laws of this state.
(f) As used in this chapter:
(i) "Mutual savings and loan association" means a
savings and loan association or savings and loan bank without
stock in which the borrowers and depositors are members of the
savings and loan association or savings and loan bank and have
voting rights as members of the association or bank;
(ii) "Shareholder" includes a member of a mutual
savings and loan association.