11-108-101. Definitions.

As used in this article, unless the context otherwise requires:

(1) "Bank" or "industrial bank" means an industrial bank incorporated under the provisions of section 11-108-301 or under the provisions of section 11-108-205.

(2) "Banking board" shall have the same meaning as in section 11-101-401 (7).

(3) "Commissioner" means the state bank commissioner.

(4) "Member" means a bank required by this article to be a member of the federal deposit insurance corporation and shall include "new member" except where the term "new member" is used in the same section or subsection.

(5) "New member" means a member that had no outstanding savings obligations as of the last day of the calendar year preceding the year in which an assessment is made and that has not filed with the commissioner an undertaking not to issue savings obligations.

(6) "Primary service area" means the smallest geographical area from which it is anticipated that the proposed industrial bank will draw seventy-five percent of its individual, partnership, and corporate deposits.

(7) "Savings obligations" means savings deposits of any type including contracts, agreements, certificates of deposit, however evidenced, and savings accounts and unpaid interest accrued thereon.

Source: L. 2003: Entire article added with relocations, p. 1138, § 3, effective July 1; (1) amended, p. 1749, § 5, effective July 1.

Editor's note: (1) This section is similar to former § 11-22-101 as it existed prior to 2003.

(2) Section 11-22-101 (1) as amended by House Bill 03-1106 was harmonized with House Bill 03-1257 and relocated to this section as subsection (1).