2013 Maryland Code
FINANCIAL INSTITUTIONS
§ 9-223 - Refund on failure to incorporate
§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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