Scope and prohibitions; existing charters; injunctions
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Nothing in this chapter shall be construed to invalidate any charter that was valid prior to the enactment of this chapter. Any savings bank chartered pursuant to this chapter shall use the letters "SSB" in its legal name.
Except as provided in subsection (1), no person or group of persons, nor any corporation, company or savings bank that is not incorporated and licensed in accordance with the provisions of this chapter or federal law to operate a savings bank shall operate as a savings bank. Unless so authorized as a state or federal savings bank and engaged in transacting a depository institution business, no person or group of persons, nor any corporation, company or savings bank domiciled and doing business in this state shall:
Use in its name the term "savings bank" or words of similar import or connotation that lead the public reasonably to believe that the business so conducted is that of a savings bank; or
Use any sign, or circulate or use any letterhead, billhead, circular or paper whatsoever, or advertise or communicate in any manner, that would lead the public reasonably to believe that it is conducting the business of a savings bank.
Upon application by the commissioner or by any savings bank, a court of competent jurisdiction may issue an injunction to restrain any person or entity from violating any of the foregoing provisions of subsection (2).