36

LAWS OF MARYLAND

Ch. 2

(2) Any person who violates subsection (a) of
this section is guilty of a misdemeanor and on conviction is
subject to a fine of not more than [$1000] $1,000 for each
offense.

9-216.

(a)  To organize as a savings and loan association, the
chairman of the incorporators shall:

(1)  Obtain a surety bond as provided in § 9-217
of this [section] SUBTITLE; and

(2)  Establish:

(i) The initial subscription for savings
accounts;

(ii) The initial general reserve fund; and

(iii) The expense fund.

9-315.

[(1)] (A) The holder of a savings deposit account in a
savings and loan association has the same claim priority in
any distribution of assets on liquidation as a general
creditor of the deposit association to the extent of the
deposit account's withdrawal value.

[(2)] (B) In addition to [paragraph (1)] SUBSECTION
(A) of this section, the holder of a savings deposit account
has the same rights as the owner of a savings share account,
including any membership or voting rights and the right to
share in any distribution of remaining assets on
liquidation.

9-630.

(d) (1) Within 60 days of the filing, the Division
Director shall approve or disapprove any plan submitted
under subsection (a) OF THIS SECTION.

10-112.

Section [9-502] 9-504 of this article does not prevent
the Division Director and representatives of the
Corporation from exchanging information about an
association and its business.

11-408.

(b) (1) A license authorizes the licensee to do
business under the license, at the licensed [placed] PLACE
of business and under the name stated on the license.