A building and loan association may provide, by a constitution adopted by its members and bylaws adopted by its board of directors, for the proper exercise of the powers granted in sections 1151.02 to 1151.55 , inclusive, of the Revised Code, and for the conduct and management of its affairs.
Proposed amendments to the constitution and bylaws shall be submitted to the superintendent of building and loan associations for approval on forms prescribed by him. The superintendent shall approve or disapprove such amendments and notify the association of his action within ninety days from the time received by him. If the superintendent disapproves of such amendment, he shall state the reasons therefor in his notice of disapproval.
Such association has all other powers necessary and proper to enable such association to carry out the purpose of its organization.
Cite as R.C. § 1151.47
History. Effective Date: 08-09-1963