Commissioner of Financial Institutions — Authority — Savings Banks — Authorized Activities — Applicable Law — Definitions — Deposit Insurance
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The commissioner of financial institutions, hereinafter referred to as the “commissioner,” is authorized to provide for the organization, chartering, incorporation, examination, operation, regulation, safety and soundness of savings banks.
A savings bank may organize, convert and engage in acquisitions, mergers, consolidations, share exchanges and purchase of assets and assumption of liabilities, in the same manner as is provided for associations in chapter 3 of this title.
The commissioner may by regulation define any term used in this chapter that is not specifically defined in this chapter.
The provisions of chapter 2 of this title, and the regulations thereunder, that are applicable to commercial banks and related parties regarding insolvency, conservatorship, receivership, the termination of unsafe and unsound practices, and the enforcement of laws, regulations and orders, are likewise applicable to savings banks.
All savings banks chartered under this chapter shall be subject to this chapter and the regulations issued under this chapter, and a foreign depository institution operating in this state that meets the definition of a savings bank under § 3(g) of the Federal Deposit Insurance Act (12 U.S.C. § 1813(g)), as in effect as of September 1, 1990, is likewise subject to the act and regulations.
Except where the context requires otherwise, “savings bank,” as used in this chapter, means a depository institution chartered pursuant to this chapter.
The deposits of each savings bank subject to this chapter must be insured by the federal deposit insurance corporation pursuant to the Federal Deposit Insurance Act.