Maryland Financial Institutions Section 4-908

Article - Financial Institutions

§ 4-908.

      After providing for due or accrued expenses, losses, interest, and taxes, the board of directors of a subsidiary savings bank may declare a cash dividend only from the following:

            (1)      Its undivided profits; or

            (2)      With the approval of the Commissioner, its surplus in excess of 100 percent of its required capital stock.



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