§ 4-908
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/md/financial-institutions/4-908A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§4–908.
After providing for due or accrued expenses, losses, interest, and taxes, the board of directors of a subsidiary savings bank may declare a cash dividend only from the following:
(1)Its undivided profits; or
(2)With the approval of the Commissioner, its surplus in excess of 100 percent of its required capital stock.