§ 9-223
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/md/financial-institutions/9-223A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§9–223.
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.