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LAWS OF MARYLAND

Ch. 33

The only changes are in style.

NOTE TO GENERAL ASSEMBLY: Sec. 9-304 of this
subtitle, which is included in the present
sections scheduled for evaluation and possible
termination because it was derived from Art. 23,
§ 161S, has no regulatory provision remaining, as
revised.

The following sections of this   subtitle, which do

include regulatory provisions,     in whole or in

part, are not included in the  sunset provisions:

§§ 9-302, 9-308, 9-311, 9-325,   9-326, and 9-328.

GENERAL REVISOR'S NOTE:

Present CA § 6—213(b) (1) is deleted as unnecessary
since an existing guaranty stock association already has the
authority to issue guaranty stock. Present CA § 6—213(b) (2)
and (3) is deleted as unnecessary in light of the
requirements as to incorporation in Subtitle 2 of this
title, which includes a requirement that the Articles of
Incorporation of a guaranty stock association provide for
the issuance of guaranty stock.

Present CA § 6—214(a) is deleted since it is inaccurate
in that the stock is not a secondary reserve in accounting
terminology but is instead the stated capital. Losses would
be covered under Maryland General Corporation Law.

The first sentence of CA § 6—217.1(a), which provided
that the Board of Commissioners give prior written approval
to the incorporators of a guaranty stock association, is
deleted as unnecessary. See § 9—208 of this title as to
approval of articles in general and § 9—204 of this title as
to content of the articles.

Art. 23, § 161A(f) is deleted because it duplicates the
provisions of CA § 6—212(a) (1) and (2), which now appear in
§ 9-312 of this subtitle.

SUBTITLE 4. GENERAL POWERS AND PROVISIONS.

PART I. GENERAL PROVISIONS DIVIDENDS; WITHDRAWALS.

9-401. DIVIDENDS.

(A) DIVIDEND RESOLUTION.

EXCEPT AS OTHERWISE PROVIDED IN THIS TITLE OR IN THE
BYLAWS OF A SAVINGS AND LOAN ASSOCIATION, THE BOARD OF
DIRECTORS OF A SAVINGS AND LOAN ASSOCIATION, BY RESOLUTION,
MAY DETERMINE AS TO DIVIDENDS ON FREE SHARE ACCOUNTS:

(1)       THE RATE;

(2)       THE METHOD OF CALCULATION; AND