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Maryland Code, Financial Institutions § 9-223

Current as of January 01, 2025 | Updated by Findlaw Staff

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 chairman of the incorporators when the Director has satisfactory assurance that:

(i) All expenses have been paid; and

(ii) All amounts under item (1) of this section have been refunded.

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Cite this article: FindLaw.com - Maryland Code, Financial Institutions § 9-223 - last updated January 01, 2025 | https://codes.findlaw.com/md/financial-institutions/md-code-fin-inst-sect-9-223/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

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