§ 9–223
Statutes in effect as of October 1, 2026.
Md. Code Ann., Fin. Inst. § 9-223 (2026)
Title 9. Savings and Loan Associations
Subtitle 2. Incorporation
§ 9–223LinkCopy 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.