HARRY HUGHES, Governor

3073

(2)  THE METHOD OF COMPUTING THE DIVIDEND OR
INTEREST;

(3)  THE DATES WHEN A DIVIDEND OR INTEREST IS
CREDITED;

(4)  THE MINIMUM BALANCE REQUIRED TO EARN A
DIVIDEND OR INTEREST;

(5)  ANY PENALTY FOR WITHDRAWAL;

(6)  THE DATE WHEN THE ACCOUNT BEGINS TO EARN A
DIVIDEND OR INTEREST; AND

(7)  WHETHER A DIVIDEND OR INTEREST IS
COMPOUNDED.

COMMITTEE COMMENT: This section replaces former Art.
23, § 161FF(f).

In this section, the phrase "the person opening
an account" was substituted for the former phrase
"to its customers" to make clear that the
required information is delivered only to the
individual who opens the account.

In item (6) of this section, "account" was
substituted for "deposit" to include any
borrower's share account that may be entitled to
dividends.

"Savings and loan association" is defined in §
9-101 of this title.

9-404. DIVIDENDS OR INTEREST.

(A) AUTHORITY TO PAY DIVIDENDS OR INTEREST.

SUBJECT TO THIS TITLE AND ITS BYLAWS, A SAVINGS AND
LOAN ASSOCIATION MAY:

(1)  PAY A DIVIDEND ON SAVINGS SHARE ACCOUNTS OR
INTEREST ON SAVINGS DEPOSIT ACCOUNTS;

(2)  AGREE IN ADVANCE TO PAY AN ADDITIONAL OR
DIFFERENT RATE OF DIVIDEND OR INTEREST ON ALL SAVINGS
ACCOUNTS IN THE SAME CLASSIFICATION; HOWEVER, EACH SAVINGS
ACCOUNT IN THE SAME CLASSIFICATION SHALL RECEIVE THE SAME
RATABLE PORTION OF DIVIDENDS OR INTEREST; AND

(3)  PROVIDE FOR PENALTIES IN A SAVINGS ACCOUNT
CONTRACT, SUBJECT TO APPROVAL OF THE BOARD OF COMMISSIONERS.

(B) DIVIDEND OR INTEREST RESOLUTION.