There is a newer version of the Maryland Code
Maryland Financial Institutions Section 9-202
§ 9-202.
  (a)   Subject to the provisions of this subtitle, 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 savings and loan association under this title.
  (b)   The incorporators shall elect a chairman from among themselves.
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