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LAWS OF MARYLAND

Ch. 33

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

As to "member", see § 9-301 of this title.

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

9-305. ANNUAL STATEMENTS — CONDITION; REMUNERATION.

(A)       ANNUAL STATEMENT OF FINANCIAL CONDITION.

A STATEMENT OF THE FINANCIAL CONDITION OF A SAVINGS AND
LOAN ASSOCIATION SHALL BE:

(1)       PREPARED ANNUALLY ON THE FORM REQUIRED BY
THE DIVISION DIRECTOR; AND

(2)       SUBMITTED AT THE ANNUAL MEETING.

(B)       STATEMENTS FILED AFTER ANNUAL MEETING.
A SAVINGS AND LOAN ASSOCIATION SHALL:

(1)       SEND THE ANNUAL STATEMENT OF FINANCIAL
CONDITION TO ANY MEMBER ON REQUEST; AND

(2)       WITHIN 20 DAYS AFTER THE ANNUAL MEETING:

(I)       HAVE THE ANNUAL STATEMENT OF FINANCIAL
CONDITION AVAILABLE AT ITS PRINCIPAL BUSINESS OFFICE IN THIS
STATE; AND

(II)       SEND A CERTIFIED COPY OF THE
STATEMENT OF FINANCIAL CONDITION AND A CERTIFIED STATEMENT
OF THE SALARIES, FEES, AND EXPENSE ACCOUNTS PAID TO THE
OFFICERS AND DIRECTORS OF THE ASSOCIATION TO THE DIVISION
DIRECTOR, WHO SHALL MAKE THEM AVAILABLE TO ANY FREE SHARE
ACCOUNT HOLDER ON REQUEST.

REVISOR'S NOTE: This section is new language derived
without substantive change from the first four
sentences of Art. 23, § 161S.

In subsection (b) of this section, the ten
"principal business office" is substituted for
"principal office" to conform to practice and to
make clear that the provision is not related to
an office used only as an administrative
headquarters.

In subsection (b)(1) of this section, the
"statement of condition" that appears in present
Art. 23, § 161S is required to be mailed to any
member on request and is interpreted to be the
same "Statement of Financial Condition".