Ch. 6

LAWS OF MARYLAND

(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[,] OR 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;

(5)  Be designated "capital stock" notwithstanding any
charter or bylaw provision; and

(6)  On each certificate that evidences capital stock,
state that the shares are "capital stock" and are not insured by
the State of Maryland Deposit Insurance Fund Corporation or the
Federal Savings and Loan Insurance Corporation.

DRAFTER'S NOTE:

Error: Conjunction omitted in § 9-322(2) of the
Financial Institutions Article.

Occurred: Ch. 856, Acts of 1980.

9-408.

(a) At any time, a holder of a savings account in a savings
and loan association may request to withdraw all or any part of
the money in the account of the holder[, and] AND, for certain
classes of accounts, the request may be made by a negotiable or
transferable order.

DRAFTER'S NOTE:

Error: Misplaced punctuation in § 9-408(a) of the
Financial Institutions Article.

Occurred: Ch. 856, Acts of 1980.

(c) (2) A holder of a savings share account in a savings
and loan association who has requested a withdrawal from the
account is not a creditor of the association, either before or
after the request to withdraw [money] MONEY, unless an
association defaults in any payment due under this section.

DRAFTER'S NOTE:

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