470

LAWS OF MARYLAND

Ch. 33

9-101 of this title.
9-406. WITHDRAWAL RIGHTS.

(A)   WITHDRAWALS PERMITTED.

AT ANY TIME, A FREE SHAREHOLDER OF A SAVINGS AND LOAN
ASSOCIATION MAY REQUEST TO WITHDRAW ALL OR ANY PART OF THE
MONEY IN THE FREE SHARE ACCOUNT OF THE SHAREHOLDER.

(B)   LIMITATION; CANCELLATION.

A HOLDER OF AN ACCOUNT MAY HAVE ON FILE ONLY ONE
WITHDRAWAL REQUEST AT A TIME IN ANY ONE SAVINGS AND LOAN
ASSOCIATION AND MAY CANCEL ANY WITHDRAWAL REQUEST IN WHOLE
OR IN PART AT ANY TIME.

(C)       STATED AMOUNT.

A HOLDER OF AN ACCOUNT IN A SAVINGS AND LOAN
ASSOCIATION SHALL STATE ON THE WITHDRAWAL REQUEST:

(1)   THE AMOUNT REQUESTED FOR WITHDRAWAL IN
ACCORDANCE WITH THIS SECTION; AND

(2)   THAT THE REQUEST FOR WITHDRAWAL IS EFFECTIVE
IMMEDIATELY.

(D)   STATUS.

(1)   AS LONG AS A WRITTEN WITHDRAWAL REQUEST
REMAINS ON FILE;

(I)   A FREE SHAREHOLDER OF A SAVINGS AND
LOAN ASSOCIATION WHO HAS REQUESTED A WITHDRAWAL FROM AN
ACCOUNT REMAINS A FREE SHARE MEMBER OF THE ASSOCIATION; AND

(II)   AS TO THE PART OF ANY ACCOUNT FOR
WHICH A SAVINGS AND LOAN ASSOCIATION HAS RECEIVED A
WITHDRAWAL REQUEST, AN ASSOCIATION:

1. MAY NOT DECLARE A DIVIDEND ON
THAT PART; AND

2. SHALL DEDUCT THE STATED AMOUNT OF
THE WITHDRAWAL REQUEST FROM THE ACCOUNT FOR PURPOSES OF
ALLOCATING DIVIDENDS.

(2)   AS TO ANY WITHDRAWAL UNDER THIS SECTION, A
MEMBER WHO REQUESTS A WITHDRAWAL:

(I)   IS NOT A CREDITOR OF THE SAVINGS AND
LOAN ASSOCIATION BEFORE OR AFTER THE REQUEST TO WITHDRAW
MONEY; AND

(II)   DOES NOT HAVE A RIGHT OF ACTION
AGAINST THE ASSOCIATION FOR PAYMENT OF ANY AMOUNT REQUESTED