§ 4–209

Statutes in effect as of October 1, 2026.

Md. Code Ann., Fin. Inst. § 4-209 (2026)

Title 4. Banking Institutions -- Savings Banks

Subtitle 2. Formation and Powers

(a)

Payment to the initial guaranty fund shall be:

(1)

Made in money; and

(2)

Evidenced by transferable deferred payment certificates.

(b)

The approval of the Commissioner is required as to:

(1)

The form of the transferable deferred payment certificates;

(2)

The rate of interest that the holder of a certificate will be entitled to receive; and

(3)

The terms under which and the pro rata installments by which the holder of a certificate will be repaid.