HARRY HUGHES, Governor

3041

Subsection (b) of this section is a new provision
added to conform to administrative practice and
to provide a clear event when nonaction gives a
right of appeal.

"Board of Commissioners", "Division Director",
and "savings and loan association" are defined in
§ 9-101 of this title.

9-213. DIVISION DIRECTOR MAY REQUIRE FILING OF BYLAWS.

AT THE WRITTEN REQUEST OF THE DIVISION DIRECTOR, A
SAVINGS AND LOAN ASSOCIATION SHALL FILE A CERTIFIED COPY OF
ITS CURRENT BYLAWS WITH THE DIVISION DIRECTOR WITHIN 10 DAYS
OF THE REQUEST.

COMMITTEE COMMENT: This section replaces former Art.
23, § 161R.

The former reference to Art. 23, § 48, which was
repealed, was deleted as obsolete.

"Division Director" and "savings and loan
association" are defined in § 9-101 of this
title.

9-214. RESERVED.

9-215. RESERVED.

PART II. INITIAL CAPITALIZATION.

9-216. INITIAL ACCOUNTS AND SURETY BOND.

(A)  IN GENERAL.

TO ORGANIZE AS A SAVINGS AND LOAN ASSOCIATION, THE
CHAIRMAN OF THE INCORPORATORS SHALL:

(1)  OBTAIN A SURETY BOND AS PROVIDED IN § 9-217
OF THIS SECTION; AND

(2)  ESTABLISH:

(I)  THE INITIAL SUBSCRIPTION FOR SAVINGS
ACCOUNTS;

(II)  THE INITIAL GENERAL RESERVE FUND; AND

(III)  THE EXPENSE FUND.

(B)  CAPITAL STOCK ASSOCIATIONS.

(1) IN ADDITION TO SUBSECTION (A) OF THIS
SECTION, THE INCORPORATORS OF A CAPITAL STOCK ASSOCIATION
SHALL ESTABLISH AN INITIAL SUBSCRIPTION ACCOUNT FOR CAPITAL
STOCK.