6-475. Branch office

A. A branch office is a legally established place of business of the association, other than the home office, authorized by the board of directors and approved by the superintendent, at which payments on, and withdrawal from, accounts and loan payments may be accepted and applications for loans may be received, and at which account books and membership certificates may be issued and loans may be closed.

B. Each association shall be operated from the home office, which shall be the association's principal place of business. All branch offices shall be subject to direction from the home office.

C. An association may establish or acquire a branch office in any location, whether within or outside this state, with the approval of the superintendent. An association shall make an application for establishment or acquisition of a branch office in writing in the form the superintendent prescribes and supported by the information, data and records the superintendent requires to make the findings necessary for approval. Each application for approval of the establishment and maintenance of a branch office shall state the proposed location of the branch office, the need for the branch office, the functions to be performed in the branch office, the estimated annual expense of the branch office, and the mode of payment for the branch office. Each such application shall be accompanied by a budget of the association for the current dividend period and for the next succeeding semiannual period, which reflects the estimated additional expense of the maintenance of such a branch office. The superintendent shall approve the application if the superintendent finds that the prospects for a successful operation of the branch office are favorable.

D. An association shall not establish or maintain an automated teller machine without the prior written approval of the superintendent. An association shall accompany each application for approval of the establishment and maintenance of an automated teller machine with the fee prescribed by section 6-126. The application shall state the proposed location of the automated teller machine, the need for the automated teller machine, the functions to be performed by the automated teller machine, the estimated annual expense of the automated teller machine and the mode of payment by the automated teller machine. The superintendent shall approve the application if the superintendent finds that the prospects for a successful operation of the automated teller machine are favorable.