§ 4-908

Maryland § 4-908

• Jurisdiction: Maryland
• Article gfi: Financial Institutions
• Title: 4

Text

After providing for due or accrued expenses, losses, interest, and taxes, the board of directors of a subsidiary savings bank may declare a cash dividend only from the following:

(1) Its undivided profits; or

(2) With the approval of the Commissioner, its surplus in excess of 100 percent of its required capital stock.