(1) Every state-chartered savings and loan association and every federally chartered savings and loan association having an office in this state that is otherwise eligible to be an eligible public depository and that desires to accept and hold public deposits in an amount in excess of the amount insured by the federal deposit insurance corporation or its successor shall file with the commissioner, on a form provided by him or her for such purpose, a statement signed and sworn to by an executive officer of such association electing to accept and become subject to the provisions of this article and setting forth the amount of its capital funds and the aggregate amount and nature of all public deposits held by it. Upon the filing of such statement and acceptance, the commissioner shall forthwith designate such savings and loan association as an eligible public depository and shall issue an appropriate certificate evidencing such designation.
(2) (Deleted by amendment, L. 2004, p. 141, § 30, effective July 1, 2004.)
Source: L. 75: Entire article added, p. 401, § 1, effective July 1. L. 94: Entire section amended, p. 68, § 16, effective July 1. L. 2004: Entire section amended, p. 141, § 30, effective July 1.