§ 13-7-101 — Generally

(a) Except as otherwise provided any association shall
have the powers provided for in the general laws of this state
relating to the creation and regulation of private corporations
and in addition thereto shall have power, subject to the terms
and conditions contained in the articles of incorporation and
bylaws to:
(i) Issue stock to its members, to assess and collect
from its members reasonable membership fees, withdrawal fees,
dues, premiums and fines;
(ii) Permit its members to withdraw any or all of
their stock deposits upon equitable terms;
(iii) Hold and convey such property as is necessary
for its accommodation and the transaction of its business,
mortgaged in good faith by way of security for debts duly
contracted, conveyed to it in satisfaction of debts previously
contracted in the course of its dealings, purchased at sales
under judgments, decrees or mortgages held by it, or purchased
to secure debts due to it;
(iv) Make loans to its members upon ample real estate
or personal property security, unencumbered except by prior
loans from the association, or upon the stock of the association
to the extent of its withdrawal value;
(v) Make annual or semiannual distributions of its
earnings; and
(vi) Do all other things that may be necessary to
effect its purposes and conduct its authorized business.