210                               Laws of Maryland                       [Ch. 205

collected to the respective subscribers or their assigns, less reasonable
expenses which shall be deducted from the expense fund.

(d)  Repayment of contributions made to expense fund. Contri-
butions made by the incorporators to the expense fund may be repaid
pro rata to the contributors from the net earnings of the association
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 pay-
ment of expenses of liquidation, all creditors, and the withdrawal
value of all free share accounts, shall be repaid to the contributors
pro rata. The books of the association shall reflect the expense fund.
Contributors to the expense fund shall be paid dividends on the
accounts AMOUNTS paid in by them and for such purpose such
contributions shall in all respects be considered as free share ac-
counts 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 ac-
knowledgments, and then filed with the Board for examination. The
fee for filing such articles of incorporation with the Board shall be
one hundred dollars ($100.00), to be collected by the Board. The
Board 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 prin-
cipal 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 Board shall ascertain
from the best sources of information at its command whether the
character, responsibility and general fitness of the persons named
in such articles are such as to command confidence and warrant be-
lief 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 association
to engage in business. The Board shall have the power to require
such changes in the articles filed for application as it deems neces-
sary. 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 Board shall pass an order approv-
ing 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 provisions and
conditions of Section 161H of this sub-title. When the time for
filing an appeal to such an order referred to in this sub-section has
expired, the Board shall endorse upon each copy of the articles filed
for examination, over its official signature, the word "approved"
or the word "refused" with the date of such endorsement. In case of
refusal it shall return one of the copies so endorsed to the chairman
of the proposed incorporators. In case of approval, one copy so en-
dorsed shall be retained by the Board; the remaining copy so en-
dorsed shall be returned to the chairman aforesaid who shall file that
copy with the State Department of Assessments and Taxation in