Section 5-16-23


Published: 2015

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Section 5-16-23

Section 5-16-23Issuance, etc., of certificates of indebtedness; receipt of public deposits; payment of guaranteed rate of interest.

No association shall issue, sell, negotiate or advertise for sale any certificates of indebtedness or receive deposits from the public. No association shall agree to pay a guaranteed rate of interest or fixed amount in dividends upon any accounts issued by it.

(Acts 1939, No. 459, p. 616; Code 1940, T. 5, §229.)