Section 4-901 – Incorporators

    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 subsidiary savings bank under this subtitle.

Section 4-902 – Articles of Incorporation

    (a)    The incorporators of a subsidiary savings bank shall sign and acknowledge 2 copies of the articles of incorporation.     (b)    The articles of incorporation shall include:         (1)    The name and address of each incorporator;         (2)    A statement that each incorporator is 18 years old or older, a resident of this State, and a citizen of the United States;         (3)    A […]

Section 4-903 – Copies of Articles of Incorporation

    (a)    If the Commissioner approves the articles of incorporation of the subsidiary savings bank, the incorporators shall file for record with the State Department of Assessments and Taxation one endorsed copy of the articles of incorporation.     (b)    Unless the Commissioner has endorsed the articles of incorporation as approved, articles of incorporation that are filed for record may […]

Section 4-904 – When Subsidiary Savings Bank Becomes Corporation

    (a)    When the articles of incorporation are filed for recording in accordance with § 4–903 of this subtitle, the subsidiary savings bank becomes a corporation.     (b)    Notwithstanding any charter provision or provision of law, a subsidiary savings bank has the right to perpetual existence until forfeiture.

Section 4-905 – Powers and Duties

    (a)    Except as otherwise provided in this article, a subsidiary savings bank has all of the general powers granted to Maryland corporations under the Maryland General Corporation Law.     (b)    Except as otherwise provided in this article, a subsidiary savings bank may exercise all rights, powers, and privileges and shall be subject to all duties and obligations of […]

Section 4-906 – Requirements for Doing Business

    A subsidiary savings bank may not do business until:         (1)    The subsidiary savings bank receives from the Commissioner a certificate of authority to do business; and         (2)    The required capital stock and the required surplus are paid in full.

Section 4-907 – Notice of Compliance; Examination of Condition; Issuance or Denial of Certificate of Authority

    (a)    After its articles of incorporation are filed for record and its required capital stock and surplus are paid in full, the subsidiary savings bank shall give to the Commissioner notice that the subsidiary savings bank has complied with all of the applicable provisions of this subtitle.     (b)    The Commissioner shall examine the condition of the subsidiary […]

Section 4-908 – Declaration of Cash Dividend

    After providing for due or accrued expenses, losses, interest, and taxes, the board of directors of a subsidiary savings bank may declare a cash dividend only from the following:         (1)    Its undivided profits; or         (2)    With the approval of the Commissioner, its surplus in excess of 100 percent of its required capital stock.

Section 4-909 – Method of Evaluation of Assets

    The Commissioner may evaluate the assets of a subsidiary savings bank by a method that the Federal Deposit Insurance Corporation or any other appropriate federal authority adopts for the evaluation of such assets.

Section 4-910 – Dissolution

    A subsidiary savings bank may dissolve in accordance with § 3-803 of this article and subject to any rights provided for in § 4-802(c)(4) of this title.