Section 9-218 – Initial Subscription for Savings Accounts
The incorporators of a savings and loan association shall deliver to their chairman, as savings accounts in the association, an aggregate amount in subscriptions of at least $1,000,000 or any greater amount that the Division Director determines is necessary to conduct a safe and sound operation at the proposed location of the principal office of […]
Section 9-220 – Expense Fund
(a) The incorporators of a savings and loan association shall deliver to the credit of the chairman of the incorporators, as an expense fund, cash in an amount equal to at least 25 percent of the minimum initial subscriptions for savings accounts under § 9-218 of this subtitle. (b) The expense fund shall be used to pay: […]
Section 9-221 – Initial Subscriptions for Capital Stock Account
The incorporators of a capital stock association shall have subscriptions for capital stock in an aggregate of not less than $1,000,000, or any greater amount that the Division Director requires in order to conduct a safe and sound operation.
Section 9-222 – Paid-in Surplus of Capital Stock Association
A capital stock association may use paid-in surplus if the expense fund is not sufficient to pay organizational and operating expenses, and dividends or interest on savings accounts.
Section 9-223 – Refund on Failure to Incorporate
If the attempt to incorporate a savings and loan association is unsuccessful: (1) The chairman of the incorporators shall refund amounts paid to the initial accounts under this subtitle, except that the expense fund and paid-in surplus accounts are first subject to all reasonable expenses; and (2) The Division Director shall release the surety bond of the […]
Section 9-224 – Net Worth Certificates
(a) Notwithstanding any other provision of any law or regulation or any provision of the charter or bylaws of any savings and loan association: (1) A savings and loan association is authorized to issue from time to time net worth certificates to the State of Maryland to the account of the Savings and Loan Association Stabilization Fund […]
Section 9-301 – Member
(a) A member of a savings and loan association means a holder, as shown on the association’s records, of: (1) One or more savings accounts, as to a mutual association; and (2) One or more shares of capital stock, as to a capital stock association. (b) (1) Multiple holders of a single account or share of capital stock shall be […]
Section 9-302 – Directors
(a) The business and affairs of a savings and loan association shall be managed under the direction of a board of directors. (b) A savings and loan association shall have at least 5 directors, as its charter or bylaws provide. (c) (1) Each director of a savings and loan association shall be: (i) A citizen of the United States; and […]
Section 9-303 – Voting Rights
Except as otherwise provided by the charter or bylaws, each member of: (1) A mutual association has one vote; and (2) A capital stock association has one vote for each share of capital stock that the member owns of record.
Section 9-210 – Forfeiture of Charter for Failure to Begin Business or for Nonuse
(a) In this section, “business” means receiving funds or making loans. (b) A savings and loan association forfeits its charter for nonuse if it: (1) Has not begun business within 180 days of the acceptance for record of its articles of incorporation, except that the Division Director may grant one extension of not more than 180 days; or […]