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2021 Maryland Statutes
Financial Institutions
Title 9 - Savings and Loan Associations
Subtitle 2 - Incorporation
Part II - Initial Capitalization
Section 9-218 - Initial Subscription for Savings Accounts
Universal Citation:
MD Financial Institutions Code Ann. § 9-218 (2021)
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The incorporators of a savings and loan association shall deliver to their chairman, as savings accounts in the association, an aggregate amount in subscriptions of at least $1,000,000 or any greater amount that the Division Director determines is necessary to conduct a safe and sound operation at the proposed location of the principal office of the association in this State. The aggregate amount constitutes the initial subscription for savings accounts.
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