Md. Code, Financial Institutions § 9-223
This is the official text of Md. Code, Financial Institutions § 9-223, part of Maryland’s Code, Financial Institutions — regulates banks and lenders.
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§9–223.
Official statutory text
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.
(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.
Status: in_force · Read it on the official government site
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