reglab/housing_qa huggingface dataset:
MD. Financial Institutions Code Ann. §  4-505 (2021)
2021 Maryland Statutes|Financial Institutions|Title 4 - Banking Institutions -- Savings Banks|Subtitle 5 - Directors|Section 4-505 - Election of Directors

    (a)    Until successors are elected and qualify, the board of directors of a savings bank consists of the individuals named as directors in the articles of incorporation.    (b)    (1)    Except as provided in paragraph (2) of this subsection, at each annual meeting of the members of a savings bank or the stockholders of a subsidiary savings bank, the members or stockholders shall elect directors to hold office until the next annual meeting and until their successors are elected and qualify.        (2)    (i)    Subject to subparagraphs (ii) and (iii) of this paragraph, if the directors are divided into classes, the term of office may be provided in the bylaws.            (ii)    The term of office of a director may not be longer than 5 years or, in the case of an initial or substitute director, shorter than the period between annual meetings.            (iii)    The term of office of at least one class of directors shall expire each year.
MD. Financial Institutions Code Ann. §  4-507 (2021)
2021 Maryland Statutes|Financial Institutions|Title 4 - Banking Institutions -- Savings Banks|Subtitle 5 - Directors|Section 4-507 - Attendance at Board Meetings

    (a)    Each director of a savings bank shall attend at least one half of the regularly scheduled board meetings that are held during the director’s term of office.    (b)    (1)    Any director who fails to attend meetings of the board of directors as required by this section is disqualified automatically from serving as director for a succeeding term.        (2)    The Commissioner may waive the disqualification of a director if the director shows to the Commissioner good cause for the failure to attend the meetings.
MD. Financial Institutions Code Ann. §  4-508 (2021)
2021 Maryland Statutes|Financial Institutions|Title 4 - Banking Institutions -- Savings Banks|Subtitle 5 - Directors|Section 4-508 - Vacancies

    The board of directors of a savings bank may fill any vacancy on the board by electing an individual to serve until the next annual meeting of the members or the stockholders of a subsidiary bank and until a successor is elected and qualifies.
MD. Financial Institutions Code Ann. §  4-509 (2021)
2021 Maryland Statutes|Financial Institutions|Title 4 - Banking Institutions -- Savings Banks|Subtitle 5 - Directors|Section 4-509 - Quorum of Directors

    Unless the charter or bylaws of a savings bank provide for a greater number, a majority of the directors then serving is a quorum.
MD. Financial Institutions Code Ann. §  4-601 (2021)
2021 Maryland Statutes|Financial Institutions|Title 4 - Banking Institutions -- Savings Banks|Subtitle 6 - Miscellaneous Regulations|Section 4-601 - Withdrawal of Deposits

    (a)    A depositor of a savings bank may withdraw the deposit as the bylaws of the savings bank permit.    (b)    The bylaws of a savings bank:        (1)    May require a depositor to give notice of an intent to withdraw any part of a deposit; and        (2)    May not require more than 90 days’ notice.
MD. Financial Institutions Code Ann. §  4-603 (2021)
2021 Maryland Statutes|Financial Institutions|Title 4 - Banking Institutions -- Savings Banks|Subtitle 6 - Miscellaneous Regulations|Section 4-603 - Limitations on Borrowing

    (a)    (1)    Unless a savings bank has the prior approval of the Commissioner, the total amount of all of its outstanding debts, other than those incurred for purposes of repaying its depositors, may not exceed 5 percent of its deposits.        (2)    When the directors of a savings bank authorize it to borrow money for which approval is required, the savings bank immediately shall send a copy of the board’s resolution to the Commissioner.    (b)    A savings bank may not borrow money for periods that total more than:        (1)    1 year; and        (2)    Any additional renewal period that the Commissioner approves in writing for payment of an unpaid balance.
MD. Financial Institutions Code Ann. §  4-604 (2021)
2021 Maryland Statutes|Financial Institutions|Title 4 - Banking Institutions -- Savings Banks|Subtitle 6 - Miscellaneous Regulations|Section 4-604 - Trustee Under Federal Retirement Acts

    (a)    In this section, “federal act” means:        (1)    The federal Self-Employed Individuals Tax Retirement Act of 1962; or        (2)    The federal Employee Retirement Income Security Act of 1974.    (b)    A savings bank may act as trustee of a plan under either federal act, as provided in this section.    (c)    A savings bank may:        (1)    Accept a trust under a plan that:            (i)    Constitutes a qualified plan under a federal act and the rules and regulations adopted under it; and            (ii)    Requires the exclusive investment of trust funds in deposits of a mutual savings institution; and        (2)    Continue as trustee of a plan that is determined not to be or ceases to be a qualified plan, if, when the savings bank accepted the trust, the savings bank judged the plan to be a qualified plan.    (d)    A savings bank that is acting as trustee of a plan under a federal act:        (1)    May integrate the trust funds with its other deposits; and        (2)    Shall keep appropriate, detailed records of all transactions in which it engages as trustee.
MD. Financial Institutions Code Ann. §  4-701 (2021)
2021 Maryland Statutes|Financial Institutions|Title 4 - Banking Institutions -- Savings Banks|Subtitle 7 - Extraordinary Actions|Section 4-701 - Consolidations, Mergers, and Transfers of Assets

    (a)    In this section, “transfer assets”, “transfer its assets”, or “transfer of assets” means to sell, lease, exchange, or otherwise transfer all or substantially all of the property and assets of a savings bank.    (b)    (1)    A savings bank may consolidate with, merge into, or transfer its assets to any banking institution in this State, any other bank in this State, or any State or federal savings and loan association in this State if the Commissioner gives written consent to the transaction.        (2)    A savings bank may have any banking institution in this State, any other bank in this State, or any State or federal savings and loan association in this State merge into the savings bank if the Commissioner gives written consent to the transaction.    (c)    The transaction shall be approved at a meeting called for that purpose, by the affirmative vote of:        (1)    Two thirds of the members of the savings bank, voting in person or by proxy; or        (2)    If there are no members, the board of directors of the savings bank.    (d)    An agreement that sets forth the terms and conditions of the proposed transaction shall be:        (1)    Signed and acknowledged by the president and treasurer of each party to the transaction; and        (2)    Filed with the Commissioner.    (e)    (1)    Except as provided in subsection (f) of this section, the Commissioner shall publish a notice of the filing of the agreement.        (2)    The notice shall be published in the Maryland Register as provided in the State Documents Law.    (f)    Subject to confirmation by the Secretary of Labor, the Commissioner may approve an agreement without the notice in the Maryland Register if:        (1)    The financial condition or stability of one of the parties to the proposed transaction is such that a delay of the proposed transaction will cause an economic hardship to it; and        (2)    Approval of the agreement is in the public interest.
MD. Financial Institutions Code Ann. §  4-701.1 (2021)
2021 Maryland Statutes|Financial Institutions|Title 4 - Banking Institutions -- Savings Banks|Subtitle 7 - Extraordinary Actions|Section 4-701.1 - Converting Institution

    (a)    (1)    In this section the following words have the meanings indicated.        (2)    “Converting institution” means a federal mutual savings bank.        (3)    “Federal mutual savings bank” means an institution that:            (i)    Is incorporated under federal law as a savings bank; and            (ii)    Is a mutual association.    (b)    A converting institution that is located in this State may convert into a savings bank as provided by federal law and this section.    (c)    (1)    The converting institution shall meet the requirements of this title for the incorporation of a savings bank.        (2)    The procedures for incorporation may be modified as required by the difference between incorporation and conversion.        (3)    In accordance with regulations adopted by the Commissioner, any interested person may request that the Commissioner conduct a hearing regarding the conversion.    (d)    (1)    The board of directors of the converting institution shall sign, acknowledge, and file articles of incorporation.        (2)    The articles of incorporation shall state that the conversion has been approved by the members or board of directors in the manner required by subsection (e) of this section.    (e)    The conversion shall be approved at a meeting called for that purpose, by the affirmative vote of:        (1)    Two–thirds of the members of the converting institution, voting in person or by proxy; or        (2)    If there are no members, the board of directors of the converting institution.    (f)    The new savings bank resulting from the conversion:        (1)    Shall be considered the same business and corporate entity as the converting institution; and        (2)    Except as limited by this article or by its charter or bylaws, has all of the rights, powers, and duties of the converting institution.    (g)    The converting institution’s rights, franchises, and interests in any property become the property of the new savings bank, subject to the liabilities of the converting institution that exist at the time of the conversion.    (h)    Unless this construction would be unreasonable, any reference to the converting institution in any writing, whether executed or taking effect before or after the conversion, shall be interpreted as a reference to the new savings bank.    (i)    If a converting institution has assets or engages in business activities that do not conform to the law governing savings banks, the Commissioner may allow a reasonable time for the new savings bank to conform to that law.
MD. Financial Institutions Code Ann. §  4-702 (2021)
2021 Maryland Statutes|Financial Institutions|Title 4 - Banking Institutions -- Savings Banks|Subtitle 7 - Extraordinary Actions|Section 4-702 - Voluntary Dissolution

    (a)    A savings bank may dissolve voluntarily as provided in this section.    (b)    A proposed voluntary dissolution shall be approved by:        (1)    The affirmative vote, in person or by proxy, of two thirds of the members; or        (2)    If there are no members, the unanimous vote of the board of directors.    (c)    (1)    After a proposed dissolution is approved, the board of directors of the savings bank shall give the following notices.        (2)    The board shall give written notice to the Commissioner of the impending dissolution. This notice shall be certified under the corporate seal of the savings bank by its president and by its treasurer.        (3)    The board also shall give notice to creditors of the savings bank to present for payment any claim against it. This notice shall be published once each week for 8 consecutive weeks in a newspaper published in the county where the savings bank has its principal banking office.    (d)    After publication of the required notice to creditors, the directors of a savings bank shall execute and file with the Commissioner a statement that the savings bank is dissolved.
MD. Financial Institutions Code Ann. §  4-703 (2021)
2021 Maryland Statutes|Financial Institutions|Title 4 - Banking Institutions -- Savings Banks|Subtitle 7 - Extraordinary Actions|Section 4-703 - Conversion of Savings Bank to Capital Stock Commercial Bank

    (a)    A savings bank may convert to a capital stock commercial bank with the approval of its members and the Commissioner.    (b)    The Commissioner shall adopt regulations to govern the conversion of savings banks to capital stock commercial banks.
MD. Financial Institutions Code Ann. §  4-801 (2021)
2021 Maryland Statutes|Financial Institutions|Title 4 - Banking Institutions -- Savings Banks|Subtitle 8 - Mutual Holding Companies|Section 4-801 - "Savings and Loan Association" Defined

    In this subtitle, “savings and loan association” means a savings and loan association organized under Title 9 of this article and insured by the Maryland Deposit Insurance Fund Corporation.
MD. Financial Institutions Code Ann. §  4-804 (2021)
2021 Maryland Statutes|Financial Institutions|Title 4 - Banking Institutions -- Savings Banks|Subtitle 8 - Mutual Holding Companies|Section 4-804 - Retention of Assets; Powers of Mutual Holding Company After Reorganization; Disposition of Stock of Subsidiary Savings Bank or Savings and Loan Association; Acquisition of Assets or Stock; Deposits

    (a)    In connection with the reorganization of a savings bank into a mutual holding company pursuant to this subtitle and with the approval of the Commissioner, the mutual holding company may retain assets to the extent that they are not then required by the subsidiary savings bank to satisfy State or federal capital or reserve requirements.    (b)    After reorganization pursuant to this subtitle, a mutual holding company shall:        (1)    Continue to possess and may exercise all general corporate powers; and        (2)    Be subject to all limitations not inconsistent with this section, of a savings bank under the laws of this State.    (c)    A mutual holding company shall hold more than 50% of the stock of a subsidiary savings bank or savings and loan association acquired pursuant to this subtitle.    (d)    Without limiting any powers it may have under this section or any other laws of this State, a mutual holding company may acquire the assets or stock of a savings and loan association with the prior approval of the Commissioner pursuant to the determinations required under § 4-803(e)(2) of this subtitle.    (e)    A mutual holding company may not take deposits.
MD. Financial Institutions Code Ann. §  4-805 (2021)
2021 Maryland Statutes|Financial Institutions|Title 4 - Banking Institutions -- Savings Banks|Subtitle 8 - Mutual Holding Companies|Section 4-805 - Applicability of Federal Bank Holding Company Act of 1956

    A mutual holding company shall be subject to the provisions of the federal Bank Holding Company Act of 1956, as amended, and all the provisions of this article governing bank holding companies.
MD. Financial Institutions Code Ann. §  4-805.1 (2021)
2021 Maryland Statutes|Financial Institutions|Title 4 - Banking Institutions -- Savings Banks|Subtitle 8 - Mutual Holding Companies|Section 4-805.1 - Capital Stock

    A mutual holding company is a mutual association and may not have any capital stock.
MD. Financial Institutions Code Ann. §  4-806 (2021)
2021 Maryland Statutes|Financial Institutions|Title 4 - Banking Institutions -- Savings Banks|Subtitle 8 - Mutual Holding Companies|Section 4-806 - Regulations

    The Commissioner may adopt regulations to carry out the provisions of this subtitle.
MD. Financial Institutions Code Ann. §  4-807 (2021)
2021 Maryland Statutes|Financial Institutions|Title 4 - Banking Institutions -- Savings Banks|Subtitle 8 - Mutual Holding Companies|Section 4-807 - Holding Company Subject to Provisions of Subtitles 4, 5, and 7 of This Title

    A mutual holding company shall be subject to the provisions of Subtitles 4, 5, and 7 of this title.
MD. Financial Institutions Code Ann. §  4-901 (2021)
2021 Maryland Statutes|Financial Institutions|Title 4 - Banking Institutions -- Savings Banks|Subtitle 9 - Subsidiary Savings Banks|Section 4-901 - Incorporators

    Five or more adult individuals, each of whom is a resident of this State and a citizen of the United States, may act as incorporators to form a subsidiary savings bank under this subtitle.
MD. Financial Institutions Code Ann. §  4-902 (2021)
2021 Maryland Statutes|Financial Institutions|Title 4 - Banking Institutions -- Savings Banks|Subtitle 9 - Subsidiary Savings Banks|Section 4-902 - Articles of Incorporation

    (a)    The incorporators of a subsidiary savings bank shall sign and acknowledge 2 copies of the articles of incorporation.    (b)    The articles of incorporation shall include:        (1)    The name and address of each incorporator;        (2)    A statement that each incorporator is 18 years old or older, a resident of this State, and a citizen of the United States;        (3)    A statement that the incorporators are associated to form a subsidiary savings bank under this subtitle;        (4)    The name of the subsidiary savings bank, which may not be similar in any material respect to the name of any other bank or trust company in this State, except that the name of the subsidiary savings bank may be similar to the name of a savings bank reorganized pursuant to this title that is affiliated with the subsidiary savings bank;        (5)    The municipal area and county where the principal banking office of the subsidiary savings bank is to be located;        (6)    The number of directors and the names and residence addresses of those who will serve as directors until their successors are elected and qualify; and        (7)    A statement that more than 50% of the shares of capital stock issued shall be held by the mutual holding company.    (c)    The minimum capital requirements of a subsidiary savings bank shall be governed by §§ 3-209 and 3-211 of this article.    (d)    The articles of incorporation may include any other provision not inconsistent with law.
MD. Financial Institutions Code Ann. §  4-903 (2021)
2021 Maryland Statutes|Financial Institutions|Title 4 - Banking Institutions -- Savings Banks|Subtitle 9 - Subsidiary Savings Banks|Section 4-903 - Copies of Articles of Incorporation

    (a)    If the Commissioner approves the articles of incorporation of the subsidiary savings bank, the incorporators shall file for record with the State Department of Assessments and Taxation one endorsed copy of the articles of incorporation.    (b)    Unless the Commissioner has endorsed the articles of incorporation as approved, articles of incorporation that are filed for record may not be effective.
MD. Financial Institutions Code Ann. §  4-904 (2021)
2021 Maryland Statutes|Financial Institutions|Title 4 - Banking Institutions -- Savings Banks|Subtitle 9 - Subsidiary Savings Banks|Section 4-904 - When Subsidiary Savings Bank Becomes Corporation

    (a)    When the articles of incorporation are filed for recording in accordance with § 4–903 of this subtitle, the subsidiary savings bank becomes a corporation.    (b)    Notwithstanding any charter provision or provision of law, a subsidiary savings bank has the right to perpetual existence until forfeiture.
MD. Financial Institutions Code Ann. §  4-905 (2021)
2021 Maryland Statutes|Financial Institutions|Title 4 - Banking Institutions -- Savings Banks|Subtitle 9 - Subsidiary Savings Banks|Section 4-905 - Powers and Duties

    (a)    Except as otherwise provided in this article, a subsidiary savings bank has all of the general powers granted to Maryland corporations under the Maryland General Corporation Law.    (b)    Except as otherwise provided in this article, a subsidiary savings bank may exercise all rights, powers, and privileges and shall be subject to all duties and obligations of a savings bank under the laws of this State.    (c)    Any reference to savings bank in any other law of this State shall be applicable to a subsidiary savings bank.    (d)    A subsidiary savings bank shall be subject to all the provisions of Title 3, Subtitle 3 of this article regarding its stock.
MD. Financial Institutions Code Ann. §  4-906 (2021)
2021 Maryland Statutes|Financial Institutions|Title 4 - Banking Institutions -- Savings Banks|Subtitle 9 - Subsidiary Savings Banks|Section 4-906 - Requirements for Doing Business

    A subsidiary savings bank may not do business until:        (1)    The subsidiary savings bank receives from the Commissioner a certificate of authority to do business; and        (2)    The required capital stock and the required surplus are paid in full.
MD. Financial Institutions Code Ann. §  4-907 (2021)
2021 Maryland Statutes|Financial Institutions|Title 4 - Banking Institutions -- Savings Banks|Subtitle 9 - Subsidiary Savings Banks|Section 4-907 - Notice of Compliance; Examination of Condition; Issuance or Denial of Certificate of Authority

    (a)    After its articles of incorporation are filed for record and its required capital stock and surplus are paid in full, the subsidiary savings bank shall give to the Commissioner notice that the subsidiary savings bank has complied with all of the applicable provisions of this subtitle.    (b)    The Commissioner shall examine the condition of the subsidiary savings bank to determine:        (1)    The name and residence of each director;        (2)    If the required capital stock and surplus are paid in full; and        (3)    If the subsidiary savings bank has complied with all other applicable provisions of this title.    (c)    If, after examination, it appears that the subsidiary savings bank lawfully is entitled to do business, the Commissioner shall issue the certificate of authority to do business.    (d)    (1)    If, after examination, it appears that the required capital stock and surplus have not been paid in full, the Commissioner may not issue the certificate of authority to do business.        (2)    If, after examination, the Commissioner has reason to believe that the stockholders formed the subsidiary savings bank for any purpose other than legitimate business under this article, the Commissioner, with the advice and consent of the Secretary of Labor, may withhold the certificate.
MD. Financial Institutions Code Ann. §  4-908 (2021)
2021 Maryland Statutes|Financial Institutions|Title 4 - Banking Institutions -- Savings Banks|Subtitle 9 - Subsidiary Savings Banks|Section 4-908 - Declaration of Cash Dividend

    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.
MD. Financial Institutions Code Ann. §  4-909 (2021)
2021 Maryland Statutes|Financial Institutions|Title 4 - Banking Institutions -- Savings Banks|Subtitle 9 - Subsidiary Savings Banks|Section 4-909 - Method of Evaluation of Assets

    The Commissioner may evaluate the assets of a subsidiary savings bank by a method that the Federal Deposit Insurance Corporation or any other appropriate federal authority adopts for the evaluation of such assets.
MD. Financial Institutions Code Ann. §  4-910 (2021)
2021 Maryland Statutes|Financial Institutions|Title 4 - Banking Institutions -- Savings Banks|Subtitle 9 - Subsidiary Savings Banks|Section 4-910 - Dissolution

    A subsidiary savings bank may dissolve in accordance with § 3-803 of this article and subject to any rights provided for in § 4-802(c)(4) of this title.