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LAWS OF MARYLAND

Ch. 33

is added for clarity.

Subsection (b) of this section is new language
added to conform to administrative practice.

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

"Charter" is defined in § 1-101 of this article..

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
THE CURRENT BYLAWS WITH THE DIVISION DIRECTOR WITHIN 10 DAYS
OF THE REQUEST.

REVISOR'S NOTE: This section presently appears as Art.
23, § 161R.

The present phrase "certified to be a true copy
pursuant to § 48 of {Article 23}" is deleted
since the provisions that relate to the manner of
certification were repealed by Ch. 311, Acts of
1975. The balance of former Art. 23, § 48 now
appears in CA §§ 2-109 and 2-110.

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

PART II. INITIAL CAPITALIZATION.

9-214. INITIAL ACCOUNTS AND SURETY BOND.

(A) IN GENERAL.

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

(1) OBTAIN A SURETY BOND AS PROVIDED IN § 9-215
OF THIS SUBTITLE; AND

(2) ESTABLISH:

(I)   THE INITIAL SUBSCRIPTION FOR FREE
SHARE ACCOUNTS;

(II)   THE INITIAL GENERAL RESERVE FUND;

(III)   THE EXPENSE FUND; AND

(IV)   THE ESCROW ACCOUNT.

(B)

GUARANTY STOCK ASSOCIATIONS.