32-2-1030. Definitions.
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/mt/title-32/chapter-2/part-10/32-2-1030·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
32-2-1030 . Definitions. As used in 32-2-1030 through 32-2-1034 , unless the context requires otherwise, the following definitions apply:
(1)"Emergency" means any condition or occurrence that may interfere physically with the conduct of normal business operations at any of the offices of a mutual association or that poses an imminent or existing threat to the safety or security of persons or property or both. Situations that an emergency may arise as a result of include but are not limited to:
(a)fire;
(b)flood;
(c)earthquake;
(d)hurricanes;
(e)wind, rain, or snowstorms;
(f)labor disputes or strikes;
(g)power failures;
(h)transportation failures;
(i)interruption of communication facilities;
(j)shortages of fuel, housing, food, transportation, or labor;
(k)robbery or attempted robbery;
(l)actual or threatened enemy attack;
(m)epidemics or other catastrophes; or
(n)riots, civil commotions, and other acts of lawlessness or violence, actual or threatened.
(2)"Mutual association" includes state mutual associations, any person or association of persons lawfully carrying on the business of mutual associations, whether incorporated or not, and, to the extent that the provisions of 32-2-1031 through 32-2-1034 are not inconsistent with and do not infringe on paramount federal law, also includes federal savings associations.
(3)"Office" means any place at which a mutual association transacts its business or conducts operations related to its business.
(4)"Officer" means a person or persons designated by the board of directors, board of trustees, or other governing body of a mutual association to act for the mutual association in carrying out the provisions of 32-2-1031 through 32-2-1034 or, in the absence of a designation or of the officer or officers designated, the president or any other officer currently in charge of the mutual association or of the office or offices involved.