1084

LAWS OF MARYLAND

Ch. 282

(f) Exception.

Subsections (b), (c), and (d) of this section do not apply
to any portion of an expense fund that is provided from the
paid-in surplus of a capital stock association.

9-221. Initial subscription for capital stock account.

The incorporators of a capital stock association shall have
subscriptions for capital stock in an aggregate of not less than
[$200,000] $1,000,000, or any greater amount that the [Board of
Commissioners] DIVISION DIRECTOR requires in order to conduct a
safe and sound operation.

9-222. Paid-in surplus of capital stock association.

A capital stock association may  use paid-in surplus if the

expense fund is not sufficient     to pay organizational and

operating expenses, and dividends or interest on savings
accounts.

9-223. Refund on failure to incorporate.

If the attempt to incorporate a savings and loan association
is unsuccessful:

(1)  The chairman of the incorporators shall refund
amounts paid to the initial accounts under this subtitle, except
that the expense fund and paid-in surplus accounts are first
subject to all reasonable expenses; and

(2)  The Division Director shall release the surety
bond of the chairman of the incorporators when the Director has
satisfactory assurance that:

(i) All expenses have been paid; and

(ii) All amounts under item (1) of this section
have been refunded.

9-224. Net worth certificate.

(a) In general.

Notwithstanding any other provision of any law or regulation
or any provision of the charter or bylaws of any savings and loan
association:

(1) A savings and loan association is authorized to
issue from time to time net worth certificates to the State of
Maryland to the account of the Savings and Loan Association
Stabilization Fund or to the STATE OF Maryland Deposit Insurance
Fund Corporation with the prior approval of the Secretary of
Licensing and Regulation and the Fund Director, in such amounts