Section 9-315 – Rights of Owner of Deposit Account
(a) The holder of a savings deposit account in a savings and loan association has the same claim priority in any distribution of assets on liquidation as a general creditor of the deposit association to the extent of the deposit account’s withdrawal value. (b) In addition to subsection (a) of this section, the holder of a savings […]
Section 9-316 – Nature of Deposit Associations
If a savings and loan association becomes a deposit association: (1) It may accept only savings deposit accounts; (2) Existing savings share accounts in the association become savings deposit accounts; (3) The conversion, for the purpose of computing interest on its savings accounts, shall be considered to have taken place on the immediately preceding regular distribution date if […]
Section 9-319 – Power to Issue Capital Stock
If its charter provides, a savings and loan association may issue capital stock.
Section 9-320 – General Provisions
A capital stock association: (1) Shall obtain the prior written approval of the Division Director for each prospectus, offering circular, or advertisement offering capital stock for sale or subscription; (2) Shall include in each prospectus offering capital stock a statement that shares of capital stock are not insured by the State of Maryland Deposit Insurance Fund Corporation […]
Section 9-321 – Future Issuance of Capital Stock
(a) If the Division Director approves a plan of issuance under subsection (b) of this section, a capital stock association may issue capital stock that is additional to that of its initial offering. (b) The Division Director shall approve a plan submitted under subsection (a) of this section if the plan: (1) Is fair; and (2) Conforms to this […]
Section 9-322 – Nature of Capital Stock
Capital stock shall: (1) Have a par value of $1 a share, or any greater amount that the charter may provide; (2) Be nonassessable, notwithstanding any provision in the charter or bylaws, or on the capital stock certificate; (3) Be nonredeemable until each claim against and each liability of the capital stock association is satisfied fully, and each […]
Section 9-323 – List of Stockholders
(a) Every stock association shall at all times keep an up-to-date list of the names of all its stockholders and those of its holding companies. (b) Each year, or whenever requested by the Division Director, the association shall file with the Division Director a correct list of all its stockholders and those of its holding companies, the […]
Section 9-212 – Revival of Charter
(a) A savings and loan association that forfeits its charter may revive the charter in accordance with Title 3, Subtitle 5 of the Corporations and Associations Article only if: (1) The Division Director approves the proposed articles of revival; and (2) The charter was forfeited for: (i) Failure to file an annual report with the State Department of Assessments […]
Section 9-306 – Statement of Financial Condition
(a) A statement of the financial condition of a savings and loan association shall be: (1) Prepared quarterly; (2) Submitted at a meeting of the board of directors of the association that is held within 30 days after the end of the quarter; and (3) Submitted to the Division Director within 30 days after the end of the quarter. […]
Section 9-213 – Division Director May Require Filing of Bylaws
At the written request of the Division Director, a savings and loan association shall file a certified copy of its current bylaws with the Division Director within 10 days of the request.