In General

Domestic associations may be incorporated with stock, or stock and shares, or incorporated as mutual associations and with all the rights, powers and privileges and subject to all the restrictions and liabilities set forth in this Act .Domestic associations also shall have the powers and privileges provided by law as to corporations generally, except as expressly provided to the contrary in this Act. The provisions of law as to corporations generally also shall be applicable to domestic associations, except where inconsistent with the corresponding provisions of this Act, in which case the provisions of this Act shall prevail; provided, however, that no association shall be permitted to issue shares or investment certificates or to accept subscriptions therefore or payments thereon or to accept accounts or deposits until it shall have insured with the Federal Savings and Loan Association Corporation all payments and funds received from subscriptions for, or issuance of, shares or investment certificates or accounts or deposits, to the maximum amount of insurance permitted under the rules and regulations of the Federal Savings and Loan Insurance corporations and applicable provisions of law, as now in affect or as may be hereafter enacted.