Section 9-102 – General Prohibition
(a) Only a corporation that complies with this title and § 1-201 of this article may conduct the business of a savings and loan association or do business under any name or make any representation that implies that it is a savings and loan association. (b) On application by the Division Director, a court of competent jurisdiction […]
Section 9-201 – Purpose
A savings and loan association shall be organized for the purpose of receiving funds and making loans authorized by this title.
Section 9-202 – Formation in General
(a) Subject to the provisions of this subtitle, five or more adult individuals, each of whom is a resident of this State and a citizen of the United States, may act as incorporators to form a savings and loan association under this title. (b) The incorporators shall elect a chairman from among themselves.
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.
Section 9-206 – Publication of Filing; Hearing Set
(a) (1) On receipt of the items listed in § 9-205 of this subtitle, the Division Director shall publish a notice of the filing. (2) The notice shall state that: (i) A public hearing may be held on a date that is at least 30 days and not more than 60 days after the filing; (ii) Written protests to the […]
Section 9-207 – Division Director’s Review
The Division Director shall determine from the available information if: (1) The name of the proposed savings and loan association: (i) Is the same as an existing association or so similar to the name of an existing association as to mislead the public; and (ii) Complies with § 9-203 of this subtitle; (2) The character, responsibility, and general fitness […]
Section 8-307 – Limitations on Outside Activity and Interests; Gifts
(a) The Division Director shall devote full time to the duties of the office. (b) The Division Director and staff may not be officers, directors, employees, auditors, agents of, or attorneys for, nor retained in any manner by, nor have any ownership interest or deposit whatsoever in, any savings and loan association or related entity. (c) The Division […]
Section 9-208 – Approval or Refusal; Appeal
(a) The Division Director may require any change in the proposed articles of incorporation or bylaws that the Division Director considers necessary. (b) (1) Not later than 60 days after application, the Division Director shall pass a preliminary order in writing approving or refusing the application to organize. (2) The Division Director shall issue a final written order of […]