16 LAWS OF MARYLAND [CH. 1

after provision for statutory reserves and declaration of dividends
of not less than two per cent (2%) per annum on free share accounts.
In case of the liquidation of an association before contributions to
the expense fund have been repaid, any contributions to the expense
fund remaining unexpended, after the payment of expenses of liquida-
tion, all creditors, and the withdrawal value of all free share accounts,
shall be repaid to the contributors pro rata. The books of the associa-
tion shall reflect the expense fund. Contributors to the expense fund
shall be paid dividends on the amounts paid in by them and for such
purpose such contributions shall in all respects be considered as free
share accounts of the association.

(e) Filing articles; approval or refusal; fees; appeal; refund. The
articles of incorporation shall be executed in duplicate by the persons
joining therein before any officer authorized to take acknowledg-
ments, and then filed with the Department for examination. The fee
for filing such articles of incorporation with the Department shall
be one hundred dollars ($100. 00), to be collected by the Department.
The Department shall publish the fact that such application has
been made for at least two (2) successive weeks after its filing, in a
newspaper of general circulation in the city, town or county in which
the principal office of the proposed association is to be located, and
shall set a time for a public hearing on such application which
shall be held no later than thirty (SO) days after the date of the filing
of such articles for examination. At such hearing the Director shall
ascertain from the best sources of information at his command
whether the character, responsibility and general fitness of the per-
sons named in such articles are such as to command confidence and
warrant belief that the business of the proposed association will be
honestly and efficiently conducted in accordance with the intent and
purposes of this sub-title and whether the public interest, convenience
and advantage will be promoted by allowing such proposed associa-
tion to engage in business. The Director shall have the power to
require such changes in the articles filed for application as he deems
necessary. Within sixty (60) days after the date of the filing of
such articles for examination, and after the public hearing referred
to in this sub-section has been held, the Director shall pass an order
approving or refusing the application, and such order may be subject
to an appeal by the applicant, or any person feeling himself aggrieved
by the passage of such order, in accordance with the appeal pro-
visions of Section 160H of this sub-title. When the time for filing
an appeal to such an order referred to in this sub-section has expired,
the Director shall endorse upon each copy of the articles filed for
examination, over Ms official signature, the word "approved" or the
word "refused" with the date of such endorsement. In case of re-
fusal it shall return one of the copies so endorsed to the chairman
of the proposed incorporators. In case of approval, one copy so
endorsed shall be retained by the Department; the remaining copy
so endorsed shall be returned to the chairman aforesaid. The corpora-
tion so formed shall have no legal existence until the articles of in-
corporation have been filed for record as herein directed. In the event
of a refusal by the Director to approve articles of incorporation, the
Director shall give a written statement setting forth the basis for
the refusal.

(2) Upon final refusal to grant the proposed articles of incorpora-
tion, the chairman of the incorporators shall refund to the in-