WILLIAM DONALD SCHAEFER, Governor                     Ch. 11

(ii) If the attempt to incorporate is
unsuccessful, the return to the incorporators or subscribers of
the respective amounts each paid to the initial subscription for
savings accounts, the initial subscription for capital stock
account[, and] AND, less expenses, the expense fund.

DRAFTER'S NOTE: This corrects the misplacement of
punctuation in § 9-217(4) of the Financial
Institutions Article.

The misplacement of the punctuation, a comma, occurred
in Ch. 856 of the Acts of 1980.

The misplacement of the punctuation was noted by the
Computer Division of the Department of Legislative
Reference.

9-320.

A capital stock association:

(1)  Shall obtain the prior written approval of the
Division Director for each prospectus, offering circular, or
advertisement offering capital stock for sale or subscription;

(2)  Shall include in each prospectus offering capital
stock a statement that shares of capital stock are not insured by
the State of Maryland Deposit Insurance Fund Corporation or the
Federal Savings and Loan Insurance Corporation;

(3)  Except for stock issued under a plan of
consolidation, merger, or reorganization approved under [§ 9-623]
§ 9-627 of this title, shall require that the consideration for
its capital stock be paid in cash and in an amount not less than
the par value of the stock;

(4)  May issue stock options under a stock option plan
approved by the Division Director;

(5)  May not grant any loan which is secured in whole
or in part by shares of its capital stock; and

(6)  Unless the Division Director has given prior
written approval, may not repurchase shares of capital stock for
its own account.

DRAFTER'S NOTE: This corrects an error in a cross-reference
in § 9-320 of the Financial Institutions Article.

The error occurred in Ch. 282 of the Acts of 1986.

The error was noted by the State Attorney General in

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