Section 2October 21, 1997, Sec./Art. 2

Declaration of policy. – It is hereby declared the policy of the State to:

a) encourage industry, frugality and the accumulation of savings, and judicious utilization of credit among the members of non-stock savings and loan associations;

b) regulate and supervise the activities of non-stock savings and loan associations in order to place their operations on a sound, stable, and efficient basis to the end that they may be able to better provide for the establishment of additional savings and credit facilities in a fair manner to their members and to curtail or prevent acts or practices of these Associations which are prejudicial to their members' interest;

c) lay down the minimum requirements and the standards under which non-stock savings and loan Associations may organize and operate; and

d) maximize the protection of members of non-stock savings and loan associations against misfeasance and malfeasance of the trustees and officers thereof.