434

LAWS OF MARYLAND

Ch. 33

(II) IF THE ATTEMPT TO INCORPORATE IS
UNSUCCESSFUL, THE RETURN TO THE RESPECTIVE INCORPORATORS OR
SUBSCRIBERS OF THE RESPECTIVE AMOUNTS EACH MAY HAVE PAID TO
THE INITIAL SUBSCRIPTION FOR FREE SHARE ACCOUNTS, THE
INITIAL GENERAL RESERVE FUND, THE INITIAL GUARANTY STOCK
SUBSCRIPTION ACCOUNT, AND, LESS REASONABLE EXPENSES, THE
EXPENSE FUND AND INITIAL PAID-IN SURPLUS ACCOUNT.

REVISOR'S NOTE: This section is new language derived
without substantive change from CA § 6-206.

Initial accounts of a guaranty stock association
are included in this section for clarity.

In item (1) of this section, the term "Initial
Subscription for Free Share 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, "{i}nitial" is
added to "General Reserve Fund" and to "paid-in
surplus" for clarity.

In item (4)(ii) of this section, the word
"incorporators" is added for clarity.

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

9-216. INITIAL SUBSCRIPTION FOR FREE SHARE ACCOUNTS.

THE INCORPORATORS OF A SAVINGS AND LOAN ASSOCIATION
SHALL DELIVER TO THEIR CHAIRMAN, AS FREE SHARE ACCOUNTS IN
THE ASSOCIATION, AN AGGREGATE AMOUNT IN CASH OF AT LEAST
$100,000 OR ANY GREATER AMOUNT THAT THE BOARD OF
COMMISSIONERS DETERMINES IS NECESSARY TO CONDUCT A SAFE AND
SOUND OPERATION AT THE PROPOSES LOCATION OF THE PRINCIPAL
BUSINESS OFFICE OF THE ASSOCIATION IN THIS STATE. THIS
AMOUNT CONSTITUTES THE INITIAL SUBSCRIPTION FOR FREE SHARE
ACCOUNTS.

REVISOR'S NOTE: This section is new language derived
without substantive change from CA § 6—204(a).

The tern "deliver" is substituted for "pay" as

being more descriptive of the funds for

incorporation that are collected through
subscriptions.

The fund is titled "initial Subscription for Free
Share Accounts" for clarity.

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