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1752
LAWS OF MARYLAND
[Ch. 311
(1) IN ACCORDANCE WITH THE PROVISIONS OF
ARTICLE 11, §39(E) OF THE CODE, A SAVINGS INSTITUTION
SHALL TRANSFER ADDITIONAL MONEY TO ITS INITIAL GUARANTY
FOND UNTIL THE SAVINGS INSTITUTION HAS THE MINIMUM
GUARANTY FUND REQUIRED BY ARTICLE 11, § 42 OF THE CODE.
(2) UNTIL A SAVINGS INSTITUTION HAS THE
REQUIRED MINIMUM GUARANTY FUND, THE SAVINGS INSTITUTION
WAY NOT MAKE ANY PAYMENT ON THE PRINCIPAL OF A
CERTIFICATE. HOWEVER, IT MAY PAY ANNUAL INTEREST ON THE
CERTIFICATE AS APPROVED BY THE COMMISSIONER.
(D) MINIMUM GUARANTY FUND - BRANCHES.
BEFORE A SAVINGS INSTITUTION ESTABLISHES A BRANCH,
IT SHALL HAVE IN ITS GUARANTY FUND:
(1) IF THE BRANCH IS TO BE LOCATED INSIDE THE
MUNICIPAL AREA OF THE MAIN OFFICE OF THE SAVINGS
INSTITUTION, AN AMOUNT OF MONEY EQUAL TO THAT REQUIRED
FOR A MINIMUM GUARANTY FUND; OR
(2) IF THE BRANCH IS TO BE LOCATED OUTSIDE
THE MUNICIPAL AREA OF THE MAIN OFFICE OF THE SAVINGS
INSTITUTION, AN AMOUNT OF MONEY EQUAL TO THAT REQUIRED
FOR A MINIMUM GUARANTY FUND PLUS AN AMOUNT EQUAL TO THAT
REQUIRED AS MINIMUM CAPITAL AND SURPLUS FOR A STATE BANK
IN THE SAME MUNICIPAL AREA OF THE BRANCH LESS ANY AMOUNT
BY WHICH THE GUARANTY FUND OF THE SAVINGS INSTITUTION
EXCEEDS THIS REQUIRED MINIMUM.
REVISOR'S NOTE: Subsection (a) of this section is
new language derived without substantive
change from the last sentence of Art. 11, §
39(b).
Subsection (b) of this section is new language
derived without substantive change from Art.
11, §39 (c) and (d).
Subsection (c) (1) of this section is new
language added as a cross-reference to Art.
11, §39(e), which together with Art. 11,
§§40 (e) , 42, and 43, is proposed for eventual
allocation to the Business Regulation Article.
Subsection (c) (2) of this section is new
language derived without substantive change
from the last sentence of Art. 11, §39(e).
Subsection (d) of this section is new language
derived without substantive change from Art.
11, §40(b)(3) and (4). The provisions of
present §40 (b) (1) and (2), and (c) through
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