1808

LAWS OF MARYLAND

[Ch. 311

this subtitle.

6-204. INITIAL SUBSCRIPTIONS; GENERAL RESERVE FUND;
ESCROW; EXPENSE FUND.

(A)   MINIMUM INITIAL SUBSCRIPTIONS.

THE INCORPORATORS SHALL PAY TO THE CHAIRMAN, AS
SUBSCRIPTIONS FOR FREE SHARE ACCOUNTS OF THE SAVINGS AND
LOAN ASSOCIATION, CASH IN THE AGGREGATE AMOUNT OF AT
LEAST $100,000 OR ANY GREATER AMOUNT WHICH THE BOARD OF
COMMISSIONERS DETERMINES NECESSARY TO CONDUCT A SAFE AND
SOUND OPERATION AT THE PROPOSED LOCATION OF THE PRINCIPAL
OFFICE OF THE SAVINGS AND LOAN ASSOCIATION.

REVISOR'S NOTE: This section is new language derived
without substantive change from the third
sentence of Art. 23, §16lM(a)(1).

The provisions of present §161M(a)(1) which
relate to the maintenance of minimum free
share accounts after incorporation are
retained in Art. 23, §161M(a) (1) for eventual
allocation to the Business Regulation Article.

The phrase "including that part ... paid by
such chairman," is deleted as unnecessary
since the chairman is an incorporator.

The words "Board of Commissioners,"
"chairman," and "savings and loan association"
are defined in §6—201 of this subtitle.

(B)   GENERAL RESERVE FUND.

THE INCORPORATORS SHALL PAY      TO THE CHAIRMAN AN

ADDITIONAL CASH SUM IN AN AMOUNT   EQUAL TO 6 PERCENT OF

THE REQUIRED INITIAL SUBSCRIPTIONS,     TO BE THE INITIAL

GENERAL RESERVE FUND OF THE SAVINGS   AND LOAN ASSOCIATION.

REVISOR'S NOTE: This subsection is new language
derived without substantive change from the
first sentence of Art. 23, §16lM(a)(2).

The provisions of present §161M(a)(2) which
relate to the maintenance of the general
reserve fund after incorporation are retained
in Art. 23, §16lM(a)(2) for eventual
allocation to the Business Regulation Article.

The words "chairman" and "savings and loan
association" are defined in §6—201 of this
subtitle.