Maryland Financial Institutions Section 9-320

      A capital stock association:

            (1)      Shall obtain the prior written approval of the Division Director for each prospectus, offering circular, or advertisement offering capital stock for sale or subscription;

            (2)      Shall include in each prospectus offering capital stock a statement that shares of capital stock are not insured by the State of Maryland Deposit Insurance Fund Corporation or the Federal Savings and Loan Insurance Corporation;

            (3)      Except for stock issued under a plan of consolidation, merger, or reorganization approved under § 9-627 of this title, shall require that the consideration for its capital stock be paid in cash and in an amount not less than the parvalue of the stock;

            (4)      May issue stock options under a stock option plan approved by the Division Director;

            (5)      May not grant any loan which is secured in whole or in part by shares of its capital stock; and

            (6)      Unless the Division Director has given prior written approval, may not repurchase shares of capital stock for its own account.