§ 13-7-401 — Debenture bonds

Wyoming § 13-7-401

• Jurisdiction: Wyoming
• Title 13: Banks, Banking and Finance
• Ch. 7: SAVINGS AND LOAN OPERATIONS
• Art. 4: BORROWING

Text

(a) Except as provided in W.S. 13-7-102, any savings and
loan association may issue its debenture bonds maturing not
later than five (5) years from the date of issue and bearing
interest not exceeding six percent (6%) per annum. No bonds
shall be issued unless there are sufficient funds on hand or
receivable in time to meet approved applications for loans or
for the payment of withdrawals of accounts. Debenture bonds may
be retired by action of the board of directors at any time after
one (1) year from date of issue by the secretary of the
association giving notice in writing sixty (60) days or more
prior to the next interest date to the recorded holders of the
bonds. On return of the retired bonds together with any coupons,
holders shall receive the par value of the bonds. At the
expiration of the next interest period the bonds called shall
cease to draw interest.
(b) Whenever the state banking commissioner deems any
indebtedness incurred under the provisions of this section to be
detrimental to the interest of the association, he shall notify
the association to reduce its indebtedness to an amount he
considers reasonable, giving the association reasonable time to
effect the reduction of indebtedness.