# Financial Institutions (GFI)

## Title 9. Savings and Loan Associations

### Subtitle 2. Incorporation

#### Section 9-223

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.

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Md. Code Ann., Fin. Inst. (as displayed at mgaleg.maryland.gov, October 16, 2026)