Maryland Financial Institutions Section 9-223

Article - Financial Institutions

§ 9-223.

      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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