§ 9-322
145 words·~1 min read·
/md/financial-institutions/9-322A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§9–322.
Capital stock shall:
(1)Have a par value of $1 a share, or any greater amount that the charter may provide;
(2)Be nonassessable, notwithstanding any provision in the charter or bylaws, or on the capital stock certificate;
(3)Be nonredeemable until each claim against and each liability of the capital stock association is satisfied fully, and each savings account is paid to its holder at its withdrawal value;
(4)Be entitled to payment of dividends but only after dividends or interest are paid on each savings account as provided in Subtitle 4 of this title;
(5)Be designated “capital stock” notwithstanding any charter or bylaw provision; and
(6)On each certificate that evidences capital stock, state that the shares are “capital stock” and are not insured by the State of Maryland Deposit Insurance Fund Corporation or the Federal Savings and Loan Insurance Corporation.