4058

VETOES

(2) IF, AFTER EXAMINATION, THE BANK COMMISSIONER HAS
REASON TO BELIEVE THAT THE STOCKHOLDERS FORMED THE SUBSIDIARY
SAVINGS BANK FOR ANY PURPOSE OTHER THEN LEGITIMATE BUSINESS UNDER
THIS ARTICLE, THE BANK COMMISSIONER, WITH THE ADVICE AND CONSENT
OF THE SECRETARY OF LICENSING AND REGULATION, MAY WITHHOLD THE
CERTIFICATE.

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 BANK COMMISSIONER, ITS
SURPLUS IN EXCESS OF 100 PERCENT OF ITS REQUIRED CAPITAL STOCK.

4-909.

THE BANK COMMISSIONER MAY EVALUATE THE ASSETS OF A
SUBSIDIARY SAVINGS BANK BY A METHOD THAT THE FEDERAL DEPOSIT
INSURANCE CORPORATION OR ANY OTHER APPROPRIATE FEDERAL AUTHORITY
ADOPTS FOR THE EVALUATION OF SUCH ASSETS.

4-910.

A SUBSIDIARY SAVINGS BANK MAY DISSOLVE IN ACCORDANCE WITH §
3-803 OF THIS ARTICLE AND SUBJECT TO ANY RIGHTS PROVIDED FOR IN §
4-802(C)(4) OF THIS TITLE.

5-210.

AN EXAMINER SHALL HAVE ACCESS TO ALL THE RECORDS OF A
SUBSIDIARY SAVINGS BANK, ITS MUTUAL HOLDING COMPANY, OR OTHER
RELATED ENTITY INCLUDING THE RECORDS OF ANY CONTROLLING PERSON,
DIRECTOR, OFFICER, AGENT, OR EMPLOYEE OF THE SUBSIDIARY SAVINGS
BANK, ITS MUTUAL HOLDING COMPANY, OR OTHER RELATED ENTITY THAT
RELATE TO THE BUSINESS OF THE SUBSIDIARY SAVINGS BANK, ITS MUTUAL
HOLDING COMPANY, OR OTHER RELATED ENTITY.

5-511.

(a) Banking institutions may not have common directors
unless the Bank Commissioner finds that a common directorship is
in the public interest and not detrimental to either banking
institution.

(b) (1) An individual who now is a director of more than
one banking institution may complete the term of office of each
directorship and may be reelected to each directorship.

(2) THIS SECTION DOES NOT PROHIBIT ANY PERSON FROM
BEING AN OFFICER, EMPLOYEE, DIRECTOR, OR TRUSTEE OF A MUTUAL