472

LAWS OF MARYLAND

Ch. 33

REVISOR'S NOTE: This section is new language derived
without substantive change from the fifth, sixth,
eighth, ninth, and tenth sentences of Art. 23, §
161X(a).

In subsection (b) of this section, the present
phrase "have an absolute right" is deleted as
included in "may pay".

Also in subsection (b) of this section, this
revision interprets the restriction of the amount
to $200 to apply to a class of the withdrawal
requests that fall within the exception — all
those that are less than $200. The present
phrase "{t}he board of directors shall, however,
have an absolute right to pay upon any
application not exceeding ... ($200.00) to any
one account" is ambiguous since it could be
interpreted to mean that an amount up to $200
could be paid on all applications. Amendments to
the Model Savings Association Act of the U.S.
League of Savings and Loan Associations from
which this section appears to be derived indicate
the meaning refers to the class of applications
that are requests for $200 or less.

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

9-408. AMOUNT PAID.

ON WITHDRAWAL, A SAVINGS AND LOAN ASSOCIATION SHALL PAY
THE VALUE OF ANY FREE SHARE ACCOUNT:

(1)       AS DETERMINED BY THE BOARD OF DIRECTORS; BUT

(2)       IN AN AMOUNT THAT IS NOT MORE THAN THE
ACCOUNT'S WITHDRAWAL VALUE.

REVISOR'S NOTE: This section is new language derived
without substantive change from the seventh
sentence of Art. 23, § 161X(a).

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

9-109. PRO RATA PLAN OF WITHDRAWALS.

(A)   EXCLUSIVE PLAN OF WITHDRAWAL.

A SAVINGS AND LOAN ASSOCIATION MAY NOT OBLIGATE ITSELF
TO PAY WITHDRAWALS ON ANY PLAN EXCEPT THE PRO RATA PLAN OF
WITHDRAWAL PROVIDED IN SUBSECTION (B) OF THIS SECTION.

(B)   PLAN.

(1) ON THE FIRST DAY OF EACH MONTH, A SAVINGS