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.
Section 9-307 – Conflicts of Interest
(a) Each director, officer, and controlling person of a savings and loan association shall: (1) Act in a fiduciary capacity towards the association, and the association’s members, stockholders, and depositors; and (2) Discharge duties and their respective positions in good faith, and with the same diligence and care that an ordinarily prudent person would exercise under a similar […]
Section 9-216 – Acquisitions of Shares of Stock of Association; Change of Control
(a) (1) In this section the following words have the meanings indicated. (2) “Acquire” means to obtain legal or beneficial ownership of shares, or voting rights of shares, whether directly or indirectly, through an intermediary or otherwise. (3) “Beneficial ownership” includes: (i) Ownership by another person who controls, is controlled by, or is under common control with a person; and […]
Section 9-216.1 – Initial Accounts and Surety Bond
(a) To organize as a savings and loan association, the chairman of the incorporators shall: (1) Obtain a surety bond as provided in § 9-217 of this subtitle; and (2) Establish: (i) The initial subscription for savings accounts; and (ii) The expense fund. (b) (1) In addition to subsection (a) of this section, the incorporators of a capital stock association shall establish […]
Section 9-217 – Form of Surety Bond
The chairman of the incorporators shall deliver to the Division Director a bond issued by a surety company that is qualified to do business in this State. The bond shall: (1) Be in the aggregate amount of the following funds, as may be applicable under § 9-216.1 of this subtitle: (i) Initial subscription for savings accounts; (ii) Expense […]
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 9-203 – Name of Savings and Loan Association
The name of a savings and loan association: (1) Need not indicate that it is a corporation; (2) Shall contain one of the following phrases or any combination of the words: (i) “Savings association”; (ii) “Building association”; (iii) “Savings and loan association”; or (iv) “Building and loan association”; (3) May not be similar in any material or misleading respect to the name […]
Section 9-204 – Articles of Incorporation; Proposed Bylaws
(a) The articles of incorporation of a savings and loan association shall set forth: (1) The name of the association; (2) The county in which the association’s first principal place of business is to be located; (3) A precise and accurate statement of the purpose or purposes for which the association is organized, as well as a statement that […]
Section 9-205 – Application to Organize
To organize as a savings and loan association, the incorporators shall submit to the Division Director: (1) A written application on the form that the Division Director requires; (2) The executed articles of incorporation and a conformed copy; (3) The proposed bylaws; (4) Any other exhibits the Division Director requires; and (5) A filing fee of $1,000.