HARRY HUGHES, Governor

437

(2) THE DECLARATION OF DIVIDENDS ON THE FREE
SHARE ACCOUNTS OF AT LEAST 2 PERCENT A YEAR.

(F) LIQUIDATION.

IF THE SAVINGS AND LOAN ASSOCIATION LIQUIDATES BEFORE
REPAYMENT OF THE CONTRIBUTIONS, THE CONTRIBUTIONS SHALL BE
REPAID PRO RATA TO THE INCORPORATORS FROM THE UNEXPENDED
EXPENSE FUND AFTER THE PAYMENT OF ALL:

(1)       LIQUIDATION EXPENSES;

(2)       CREDITORS; AND

(3)       THE WITHDRAWAL VALUE OF FREE SHARE ACCOUNTS.

REVISOR'S NOTE: This section is new language derived
without substantive change from CA §§ 6-204(d)
and 6-205 and Art. 23, § 16lM(b).

As to repayment if incorporation fails, see §
9-222 of this subtitle.

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

9-220. GUARANTY STOCK SUBSCRIPTION ACCOUNT.

THE INCORPORATORS OF A GUARANTY STOCK ASSOCIATION SHALL
HAVE SUBSCRIPTIONS FOR GUARANTY STOCK IN AN AGGREGATE PAR
VALUE OF NOT LESS THAN $100,000 OR ANY GREATER AMOUNT THAT
THE BOARD OF COMMISSIONERS REQUIRES TO CONDUCT A SAFE AND
SOUND OPERATION.

REVISOR'S NOTE: This section presently appears as the
second sentence of CA § 6—217.1(a).

The only changes are in style.

"Board of Commissioners", "guaranty stock" and
"guaranty stock association" are defined in §
9-101 of this title.

9-221. GUARANTY STOCK ASSOCIATION INITIAL PAID-IN SURPLUS.

(1)       IN ADDITION TO THE AMOUNT REQUIRED TO BE
PAID IN FOR THE PAR VALUE OF THE GUARANTY STOCK OF A
GUARANTY STOCK ASSOCIATION, THE BOARD OF COMMISSIONERS MAY
REQUIRE AN AMOUNT TO BE PAID AS A PAID-IN SURPLUS ACCOUNT,
UP TO, BUT NOT IN EXCESS OF, THE AGGREGATE AMOUNT OF THE PAR
VALUE OF THE GUARANTY STOCK REQUIRED UNDER § 9-220 OF THIS
TITLE.

(2)       PAID-IN SURPLUS MAY BE USED IF THE EXPENSE
FUND IS NOT SUFFICIENT TO PAY ORGANIZATIONAL AND OPERATING
EXPENSES AND DIVIDENDS ON FREE SHARE ACCOUNTS.