1114

LAWS OF MARYLAND

Ch. 282

[9-409. Payment of withdrawals.

(a)  Order of payment.

In order of receipt, a savings and loan association shall:

(1)  Pay all withdrawal requests on file:

(i) In full in the order of receipt; or

(ii) In accordance with the pro rata plan of
withdrawals under this subtitle; or

(2)  Number, date, and file each withdrawal request.

(b)  Savings share accounts.

On withdrawal, a savings and loan association shall pay the
value of any savings 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.

(c)  Exception.

In any one month and in any order, a savings and loan
association may pay to any one account holder any one withdrawal
request that is for an amount not more than $200.]

[9-410. Pro rata plan of withdrawals.

(a)  Exclusive plan of withdrawal.

A savings and loan association may not obligate itself to
pay withdrawals on any pro rata 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 and
loan association shall pay pro rata each withdrawal request on
file since the first day of the preceding calendar month.

(2)  On the first day of each month, a savings and
loan association shall allocate at least one third of the money
it has received from members and borrowers during the preceding
calendar month, exclusive of interest and expense account
payments, to the payments due under paragraph (1) of this
subsection.

(3)  For purposes of paragraphs (1) and (2) of this
subsection, unless a savings and loan association receives a
written notice to cancel the withdrawal request, a withdrawal