Unless organized as a subsidiary savings bank, as defined in this title, a savings bank is a mutual association and may not have any capital stock.

The bylaws of a savings bank shall provide for annual meetings of the members to: Elect directors; Elect members, unless the charter of the savings bank provides for a different method of electing members; and Transact other business. The bylaws of a subsidiary savings bank shall provide for annual meetings of the stockholders to: Elect directors; and Transact other business.