HARRY HUGHES, Governor

1103

(a)  In general.

If the Division Director approves a plan of issuance under
subsection (b) of this section, a capital stock association may
issue capital stock that is additional to that of its initial
offering.

(b)  Approval by Division Director.

The Division Director shall approve a plan submitted under
subsection (a) of this section if the plan:

(1)  Is fair; and

(2)  Conforms to this Part of this subtitle.

(c)  Stock dividend.

A dividend in the form of a savings and loan association's
capital stock does not require approval of the Division Director.

(d)  Stock split.

A split of the number of issued shares of capital stock of a
savings and loan association into a greater or lesser number of
shares without increasing the stated capital of the association
[does not require] REQUIRES the approval of the Division
Director.

(e)  Appeal.

Any applicant that is aggrieved by the action or nonaction
of the Director may appeal [under Title 8, Subtitle 4 of this
article] TO THE CIRCUIT COURT FOR BALTIMORE CITY APPROPRIATE

CIRCUIT COURT CIRCUIT COURT FOR BALTIMORE CITY.

9-322. Nature of capital stock.
Capital stock shall:

(1)  Have a par value of $1 a share, or any greater
amount that the charter may provide;

(2)  Be nonassessable, notwithstanding any provision
in the charter, bylaws, or on the capital stock certificate;

(3)  Be nonredeemable until each claim against and
each liability of the capital stock association is satisfied
fully, and each savings account is paid to its holder at its
withdrawal value;

(4)  Be entitled to payment of dividends but only
after dividends or interest are paid on each savings account as
provided in Subtitle 4 of this title;