(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
(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 and
(ii) Nonpayment of taxes.
(b) Not later than 30 days after a savings and loan association files articles of
revival with the Division Director for examination, the Director shall pass an order
approving or refusing the articles of revival.
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