- a savings and loan association is a non-commercial organisation with a special legal status, established voluntarily by natural persons with full legal capacity and legal entities associated on common principles, which accepts savings deposits from its members, grants them loans and provides other financial services;
- the full name of the association shall obligatorily contain the phrase “Asociaţia de Economii şi Împrumut” or the abbreviation “A.E.Î.”
- the constitutive meeting of the association:
- decides on the establishment of the association;
- approves the articles of association;
- approves the first composition of the board, for a term of 2–4 years, so as to comply with the provisions of art.41 para.(2) of Law no.139/2007, and the composition of the board of auditors of the association;
- designates the person (persons) authorised to represent the association upon its registration;
- settles other matters concerning the commencement of the association’s activity.
- the association may not have fewer than 50 members;
- the following may not be an administrator of the association: a person holding another position in the same association, except for the position of member of the lending committee; a person who is an administrator of another association, except as provided in art.55 para.(4) of Law no.139/2007; a person who, by law or by court decision, is deprived of the right to hold the respective position; a person holding positions in the governing bodies of financial institutions or non-bank credit organisations;
- membership of the association must meet the conditions established in art.17 of Law no.139/2007;
- the constitutive documents of the association are:
- the minutes of the constitutive meeting, to which the list of founders with their signatures is annexed;
- the articles of association (which shall include the data provided for in art.26 of Law no.139/2007).
- the constitutive documents are signed by the chairman and the secretary of the constitutive meeting;
- upon the state registration of the association, the opinion of the supervisory authority (the National Bank of Moldova) shall be submitted.