45-11-102 - Chapter definitions.
45-11-102. Chapter definitions.
As used in this chapter, unless the context otherwise requires:
(1) Capital stock financial institution means a financial institution, the ownership of which rests in the holders of shares of capital stock, who may receive dividends on their shares, and who have the sole right to vote on matters affecting the financial institution;
(2) Converting institution means a financial institution converting to another type of financial institution;
(3) Financial institution means a savings and loan association or a bank or a savings bank or a credit union organized under the laws of this state or organized under the laws of the United States and having its principal place of business in this state;
(4) Mutual financial institution means an association or savings bank or credit union, the ownership of which rests in members who receive interest on their deposit accounts, and who have the sole right to vote on all matters affecting the financial institution; and
(5) Resulting financial institution means the financial institution resulting from a conversion.
[Acts 1985, ch. 174, § 2; 1991, ch. 33, §§ 1, 2; 2008, ch. 968, §§ 1, 2.]