Savings Association Act

This act supplies the statutory framework for savings associations — the chartered thrift institutions that take deposits and make loans. Spread across a series of articles, it fixes the defined terms that control how the rest of the scheme is read and sets the rules under which such associations are organized and operated. Rather than duplicating general corporate law, it incorporates the state's business corporation act, so ordinary corporate rules apply to savings associations except where this act displaces them.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.