There Is a Newer Version
of
this Section
2022 Maryland Statutes
Financial Institutions
Title 9 - Savings and Loan Associations
Subtitle 2 - Incorporation
Part II - Initial Capitalization
Section 9-223 - Refund on Failure to Incorporate
Universal Citation:
MD Financial Institutions Code § 9-223 (2022)
Learn more
This media-neutral citation is based
on the American Association of Law Libraries Universal Citation Guide and is not
necessarily the official citation.
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.
Disclaimer: These codes may not be the most recent version. Maryland may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
