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Maryland Code, Financial Institutions § 9-306

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

(a) A statement of the financial condition of a savings and loan association shall be:

(1) Prepared quarterly;

(2) Submitted at a meeting of the board of directors of the association that is held within 30 days after the end of the quarter; and

(3) Submitted to the Division Director within 30 days after the end of the quarter.

(b) A savings and loan association shall:

(1) Send or provide the quarterly statement of financial condition to any person on request; and

(2) Within 20 days after the board of directors meeting:

(i) Have the quarterly statement of financial condition available at each of its offices in this State; and

(ii) Send a quarterly statement of the salaries, fees, dividends, compensation under § 9-307(i) of this subtitle, expense accounts, and any loans permitted under § 9-307(d) of this subtitle paid or made to each of the officers, directors, and controlling persons of the association and a current list of the names of the officers, directors, and controlling persons of the association, certified by an officer of the association, to the Division Director, who shall make them available to any member or depositor on request.

(c)(1) At least once each year, a savings and loan association shall:

(i) Publish a summary of the statement of financial condition in a newspaper published in the county where the association has its principal office; and

(ii) Submit proof of publication of the summary to the Division Director.

(2) Each summary of a report shall be in a form that the Division Director approves.

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Cite this article: FindLaw.com - Maryland Code, Financial Institutions § 9-306 - last updated January 01, 2025 | https://codes.findlaw.com/md/financial-institutions/md-code-fin-inst-sect-9-306/

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