Md. Code, Financial Institutions § 9-320
This is the official text of Md. Code, Financial Institutions § 9-320, part of Maryland’s Code, Financial Institutions — regulates banks and lenders.
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§9–320.
Official statutory text
A capital stock association:
(1) Shall obtain the prior written approval of the Division Director for each prospectus, offering circular, or advertisement offering capital stock for sale or subscription;
(2) Shall include in each prospectus offering capital stock a statement that shares of capital stock are not insured by the State of Maryland Deposit Insurance Fund Corporation or the Federal Savings and Loan Insurance Corporation;
(3) Except for stock issued under a plan of consolidation, merger, or reorganization approved under § 9-627 of this title, shall require that the consideration for its capital stock be paid in cash and in an amount not less than the par value of the stock;
(4) May issue stock options under a stock option plan approved by the Division Director;
(5) May not grant any loan which is secured in whole or in part by shares of its capital stock; and
(6) Unless the Division Director has given prior written approval, may not repurchase shares of capital stock for its own account.
(1) Shall obtain the prior written approval of the Division Director for each prospectus, offering circular, or advertisement offering capital stock for sale or subscription;
(2) Shall include in each prospectus offering capital stock a statement that shares of capital stock are not insured by the State of Maryland Deposit Insurance Fund Corporation or the Federal Savings and Loan Insurance Corporation;
(3) Except for stock issued under a plan of consolidation, merger, or reorganization approved under § 9-627 of this title, shall require that the consideration for its capital stock be paid in cash and in an amount not less than the par value of the stock;
(4) May issue stock options under a stock option plan approved by the Division Director;
(5) May not grant any loan which is secured in whole or in part by shares of its capital stock; and
(6) Unless the Division Director has given prior written approval, may not repurchase shares of capital stock for its own account.
Status: in_force · Read it on the official government site
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