§ 9-405
116 words·~1 min read·
/md/financial-institutions/9-405A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§9–405.
(a)Dividends or interest on a savings certificate account or other type of fixed term account shall be:
(1)Subject to the approval of the Division Director; and
(2)In accordance with the rules and regulations of the Division Director.
(b)Within 45 days of the request, the Division Director shall approve an association’s request to pay a dividend or interest under this section if:
(1)Earnings of the association are sufficient to pay the proposed dividend for a period of at least 1 year; and
(2)The public interest is protected.
(c)An applicant aggrieved by the action or nonaction of the Division Director under this section may appeal to the appropriate circuit court.