Md. Code, Financial Institutions § 9-316
This is the official text of Md. Code, Financial Institutions § 9-316, 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.
§9–316.
Official statutory text
If a savings and loan association becomes a deposit association:
(1) It may accept only savings deposit accounts;
(2) Existing savings share accounts in the association become savings deposit accounts;
(3) The conversion, for the purpose of computing interest on its savings accounts, shall be considered to have taken place on the immediately preceding regular distribution date if the effective date of the conversion to a deposit association is made on a date other than the date on which an association regularly distributes dividends; and
(4) The holder of any outstanding right to receive from the association a savings share account shall receive instead a savings deposit account.
(1) It may accept only savings deposit accounts;
(2) Existing savings share accounts in the association become savings deposit accounts;
(3) The conversion, for the purpose of computing interest on its savings accounts, shall be considered to have taken place on the immediately preceding regular distribution date if the effective date of the conversion to a deposit association is made on a date other than the date on which an association regularly distributes dividends; and
(4) The holder of any outstanding right to receive from the association a savings share account shall receive instead a savings deposit account.
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.