3078

LAWS OF MARYLAND

Ch. 856

In subsection (c)(2) of this section, the former
phrase "no right of action at law or in equity
against said association for the repayment of any
amount sought to be withdrawn" was deleted as
unnecessary in light of other provisions in this
section.

Also in subsection (c) of this section, the
former provision that a member had an action at
law "to the extent of the secured payments due as
above provided" was deleted as included in the
phrase "any payment due under this section".

Subsection (d) of this section is a new provision
added to clarify contract rights.

"Member" is defined in § 9-301 of this subtitle.

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

9-409. PAYMENT.

(A)  ORDER OF PAYMENT.

IN ORDER OF RECEIPT, A SAVINGS AND LOAN ASSOCIATION
SHALL:

(1)  PAY ALL WITHDRAWAL REQUESTS ON FILE:

(I)  IN FULL IN THE ORDER OF RECEIPT; OR

(II)  IN ACCORDANCE WITH THE PRO RATA PLAN
OF WITHDRAWALS UNDER THIS SUBTITLE; OR

(2)  NUMBER, DATE, AND FILE EACH WITHDRAWAL
REQUEST.

(B)  SAVINGS SHARE ACCOUNTS.

ON WITHDRAWAL, A SAVINGS AND LOAN ASSOCIATION SHALL PAY
THE VALUE OF ANY SAVINGS SHARE ACCOUNT:

(1)  AS DETERMINED BY THE BOARD OF DIRECTORS; BUT

(2)  IN AN AMOUNT THAT IS NOT MORE THAN THE
ACCOUNT'S WITHDRAWAL VALUE.

(C)  EXCEPTION.

IN ANY ONE MONTH AND IN ANY ORDER, A SAVINGS AND LOAN
ASSOCIATION MAY PAY TO ANY ONE ACCOUNT HOLDER ANY ONE
WITHDRAWAL REQUEST THAT IS FOR AN AMOUNT NOT MORE THAN $200.