Md. Code, Financial Institutions § 9-302
This is the official text of Md. Code, Financial Institutions § 9-302, part of Maryland’s Code, Financial Institutions — regulates banks and lenders.
Not legal advice. This page reproduces the official text of a government statute for reference only. Laws change, and how a statute applies depends on your specific facts. For advice about your situation, consult a licensed attorney in your state.
§9–302.
Official statutory text
(a) The business and affairs of a savings and loan association shall be managed under the direction of a board of directors.
(b) A savings and loan association shall have at least 5 directors, as its charter or bylaws provide.
(c) (1) Each director of a savings and loan association shall be:
(i) A citizen of the United States; and
(ii) A member of the association or the holder of a savings account in the association.
(2) At least two-thirds of the directors shall be residents of this State.
(3) Each nonresident director shall be approved by the Division Director as qualified to serve.
(d) Subsection (c)(1)(ii) of this section does not apply to any member of a board of directors who was serving on a board before July 1, 1980.
(b) A savings and loan association shall have at least 5 directors, as its charter or bylaws provide.
(c) (1) Each director of a savings and loan association shall be:
(i) A citizen of the United States; and
(ii) A member of the association or the holder of a savings account in the association.
(2) At least two-thirds of the directors shall be residents of this State.
(3) Each nonresident director shall be approved by the Division Director as qualified to serve.
(d) Subsection (c)(1)(ii) of this section does not apply to any member of a board of directors who was serving on a board before July 1, 1980.
Status: in_force · Read it on the official government site
Need a lawyer in Maryland?
Find a Maryland lawyer
About this page: Statute text is reproduced from official government publishers via the
Open US Law dataset
(Vaquill AI, snapshot v2026.08, CC BY 4.0). Primary legislative text like this is public domain under the government-edicts doctrine
(Georgia v. Public.Resource.Org, 2020). We link every section back to its official source so you can verify it independently.