HARRY HUGHES, Governor

3043

(I)  INITIAL SUBSCRIPTION FOR SAVINGS
ACCOUNTS;

(II)  INITIAL GENERAL RESERVE FUND;

(III)  EXPENSE FUND; AND

(IV)  INITIAL SUBSCRIPTION FOR CAPITAL
STOCK ACCOUNT;

(2)  NAME THE DIVISION DIRECTOR AS OBLIGEE;

(3)  BE IN THE FORM REQUIRED BY THE DIVISION
DIRECTOR; AND

(4)  GUARANTEE THE SAFEKEEPING OF THE AMOUNTS
COLLECTED IN THE INITIAL ACCOUNTS:

(I)  FOR DELIVERY TO THE SAVINGS AND LOAN
ASSOCIATION IF A CERTIFICATE OF INCORPORATION IS ISSUED; OR

(II)  IF THE ATTEMPT TO INCORPORATE IS
UNSUCCESSFUL, THE RETURN TO THE INCORPORATORS OR SUBSCRIBERS
OF THE RESPECTIVE AMOUNTS EACH PAID TO THE INITIAL
SUBSCRIPTION FOR SAVINGS ACCOUNTS, THE INITIAL GENERAL
RESERVE FUND, THE INITIAL SUBSCRIPTION FOR CAPITAL STOCK
ACCOUNT, AND LESS EXPENSES, THE EXPENSE FUND.

COMMITTEE COMMENT: This section replaces former CA §
6-206.

In item (1) of this section, the term "aggregate"
is added for clarity and the term "Initial
subscription for Savings Accounts" is substituted
for "minimum initial subscriptions" to make clear
that the reference is to the aggregate amount
described in this section.

Also in item (1) of this section, the term
"Initial" is added to "General Reserve Fund" for
clarity.

Item (l)(iv) is a new provision added to clarify
that the bond provided by a capital stock
association includes the amount of the initial
subscriptions for capital stock.

In item (4)(ii), the word "incorporators" is
added for clarity, and the term "initial
subscription for capital stock account" is added
as a corollary to its inclusion in the initial
accounts.

As to the use of the Paid-in Surplus for
expenses, see § 9-222 of this subtitle.