§ 9-217

Maryland § 9-217

• Jurisdiction: Maryland
• Article gfi: Financial Institutions
• Title: 9

Text

The chairman of the incorporators shall deliver to the Division Director a bond issued by a surety company that is qualified to do business in this State. The bond shall:

(1) Be in the aggregate amount of the following funds, as may be applicable under § 9-216.1 of this subtitle:

(i) Initial subscription for savings accounts;

(ii) Expense fund; and

(iii) Initial subscription for capital stock account;

(2) Name the Division Director as obligee;

(3) Be in the form required by the Division Director; and

(4) Guarantee the safekeeping of the amounts collected in the initial accounts:

(i) For delivery to the savings and loan association if a certificate of incorporation is issued; or

(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, less expenses, the expense fund.