There is a newer version of the Maryland Code
Maryland Financial Institutions Section 9-223
§ 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.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.