There is a newer version of the Maryland Code
2013 Maryland Code
FINANCIAL INSTITUTIONS
§ 4-908 - Declaration of cash dividend
MD Fin Inst Code § 4-908 (2013) What's This?
§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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