3072

LAWS OF MARYLAND

Ch. 856

deleted as outdated on the advice of the Board of
Commissioners.

Former Art. 23, § 161M(a), which required an
association to maintain the minimum free share accounts that
the Board of Commissioners required, was deleted as
unnecessary on the advice of the Board of Commissioners.

SUBTITLE 4. GENERAL POWERS AND PROVISIONS.

PART I. GENERAL PROVISIONS — DIVIDENDS OR INTEREST;
WITHDRAWALS.

9-401. CLASSIFICATION OF ACCOUNTS.

A SAVINGS AND LOAN ASSOCIATION MAY CLASSIFY ITS SAVINGS
ACCOUNTS ACCORDING TO THE CHARACTER, AMOUNT, DURATION, OR
REGULARITY OF ADDITIONS TO THE ACCOUNTS.

COMMITTEE COMMENT: This section is new language added
for clarity to reflect current practice and.
structure.

9-402. SAVINGS CERTIFICATE ACCOUNTS OR OTHER FIXED TERM
SAVINGS ACCOUNTS.

IN ACCORDANCE WITH RULES AND REGULATIONS OF THE BOARD
OF COMMISSIONERS, A SAVINGS AND LOAN ASSOCIATION MAY ISSUE A
SAVINGS CERTIFICATE ACCOUNT OR ANY OTHER FIXED TERM SAVINGS
ACCOUNT.

COMMITTEE COMMENT: This is a new section added for
clarification.

As to non-deposit associations, see § 9-313 of
this title.

As to deposit associations, see §§ 9-314, 9-315,
and 9-316 of this title.

Note that a savings certificate account    in a

non-deposit association is a savings    share

account, and in a deposit association it    is a
savings deposit account.

"Board of Commissioners", "deposit association",
"savings and loan association", "savings deposit
accounts", and "savings share accounts" are
defined in § 9-101 of this title.

9-403. TRUTH IN SAVINGS.

A SAVINGS AND LOAN ASSOCIATION SHALL GIVE TO THE PERSON
OPENING AN ACCOUNT AND SUBSEQUENTLY, ON DEMAND OF AN ACCOUNT
HOLDER, A WRITTEN NOTICE AS TO:

(1) THE ANNUAL DIVIDEND OR INTEREST RATE;