1. A savings bank may issue investment certificates, with or without passbooks. The holders of investment certificates are not liable for debts or assessments, and are entitled upon liquidation of a savings bank to receive payment in full before any payment or distribution is made to stockholders. The holders of investment certificates have no right to participate in the profits of the savings bank. 2. Investment certificates may be issued as fully paid investment certificates, accumulative investment certificates, minimum term investment certificates or other types of certificates approved by the Commissioner. The Commissioner shall not approve any certificates whose issuance would impair the insurance of the accounts of the savings bank by the Federal Deposit Insurance Corporation.
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