Skip to main content
Find a Lawyer

Maryland Code, Financial Institutions § 9-302

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

(a) The business and affairs of a savings and loan association shall be managed under the direction of a board of directors.

(b) A savings and loan association shall have at least 5 directors, as its charter or bylaws provide.

(c)(1) Each director of a savings and loan association shall be:

(i) A citizen of the United States; and

(ii) A member of the association or the holder of a savings account in the association.

(2) At least two-thirds of the directors shall be residents of this State.

(3) Each nonresident director shall be approved by the Division Director as qualified to serve.

(d) Subsection (c)(1)(ii) of this section does not apply to any member of a board of directors who was serving on a board before July 1, 1980.

Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - Maryland Code, Financial Institutions § 9-302 - last updated January 01, 2025 | https://codes.findlaw.com/md/financial-institutions/md-code-fin-inst-sect-9-302/

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.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard