reglab/housing_qa huggingface dataset:
MD. Financial Institutions Code Ann. §  9-209 (2021)
2021 Maryland Statutes|Financial Institutions|Title 9 - Savings and Loan Associations|Subtitle 2 - Incorporation|Part I - In General|Section 9-209 - Filing for Record; Status

    (a)    On final approval of the articles of incorporation by the Division Director, the chairman of the incorporators of a savings and loan association shall file for record with the State Department of Assessments and Taxation the endorsed, executed articles of incorporation.    (b)    When the State Department of Assessments and Taxation accepts the articles of incorporation for record in accordance with subsection (a) of this section, the savings and loan association becomes a corporation.    (c)    The chairman of the incorporators shall send to the Division Director a copy of the certificate that acknowledges that the articles of incorporation have been accepted for record.
MD. Financial Institutions Code Ann. §  9-210 (2021)
2021 Maryland Statutes|Financial Institutions|Title 9 - Savings and Loan Associations|Subtitle 2 - Incorporation|Part I - In General|Section 9-210 - Forfeiture of Charter for Failure to Begin Business or for Nonuse

    (a)    In this section, “business” means receiving funds or making loans.    (b)    A savings and loan association forfeits its charter for nonuse if it:        (1)    Has not begun business within 180 days of the acceptance for record of its articles of incorporation, except that the Division Director may grant one extension of not more than 180 days; or        (2)    After beginning business, does not engage actively in business during any continuous period of 180 days.    (c)    The charter of the savings and loan association is void when the State Department of Assessments and Taxation receives a certified copy of a final order, issued by the Division Director, that:        (1)    Finds there is no just cause for the failure to begin or engage in business; and        (2)    Directs the savings and loan association to dissolve its business.
MD. Financial Institutions Code Ann. §  9-211 (2021)
2021 Maryland Statutes|Financial Institutions|Title 9 - Savings and Loan Associations|Subtitle 2 - Incorporation|Part I - In General|Section 9-211 - Charter Amendment

    (a)    The charter of a savings and loan association may be amended as provided in Title 2, Subtitle 6 of the Corporations and Associations Article and this section.    (b)    Articles of amendment shall be filed and approved as required by this subtitle for articles of incorporation, except that:        (1)    A notice of the filing need not be published; and        (2)    A filing fee is not required.
MD. Financial Institutions Code Ann. §  9-212 (2021)
2021 Maryland Statutes|Financial Institutions|Title 9 - Savings and Loan Associations|Subtitle 2 - Incorporation|Part I - In General|Section 9-212 - Revival of Charter

    (a)    A savings and loan association that forfeits its charter may revive the charter in accordance with Title 3, Subtitle 5 of the Corporations and Associations Article only if:        (1)    The Division Director approves the proposed articles of revival; and        (2)    The charter was forfeited for:            (i)    Failure to file an annual report with the State Department of Assessments and Taxation; or            (ii)    Nonpayment of taxes.    (b)    Not later than 30 days after a savings and loan association files articles of revival with the Division Director for examination, the Director shall pass an order approving or refusing the articles of revival.
MD. Financial Institutions Code Ann. §  9-213 (2021)
2021 Maryland Statutes|Financial Institutions|Title 9 - Savings and Loan Associations|Subtitle 2 - Incorporation|Part I - In General|Section 9-213 - Division Director May Require Filing of Bylaws

    At the written request of the Division Director, a savings and loan association shall file a certified copy of its current bylaws with the Division Director within 10 days of the request.
MD. Financial Institutions Code Ann. §  9-216.1 (2021)
2021 Maryland Statutes|Financial Institutions|Title 9 - Savings and Loan Associations|Subtitle 2 - Incorporation|Part II - Initial Capitalization|Section 9-216.1 - Initial Accounts and Surety Bond

    (a)    To organize as a savings and loan association, the chairman of the incorporators shall:        (1)    Obtain a surety bond as provided in § 9-217 of this subtitle; and        (2)    Establish:            (i)    The initial subscription for savings accounts; and            (ii)    The expense fund.    (b)    (1)    In addition to subsection (a) of this section, the incorporators of a capital stock association shall establish an initial subscription account for capital stock.        (2)    (i)    A capital stock association may use its paid-in surplus to provide amounts required for the expense fund.            (ii)    Any paid-in surplus amounts that are allocated to the expense fund under subparagraph (i) of this paragraph may not be used for dividends to holders of capital stock or any other distribution to holders of capital stock except on liquidation.
MD. Financial Institutions Code Ann. §  9-217 (2021)
2021 Maryland Statutes|Financial Institutions|Title 9 - Savings and Loan Associations|Subtitle 2 - Incorporation|Part II - Initial Capitalization|Section 9-217 - Form of Surety Bond

    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.
MD. Financial Institutions Code Ann. §  9-218 (2021)
2021 Maryland Statutes|Financial Institutions|Title 9 - Savings and Loan Associations|Subtitle 2 - Incorporation|Part II - Initial Capitalization|Section 9-218 - Initial Subscription for Savings Accounts

    The incorporators of a savings and loan association shall deliver to their chairman, as savings accounts in the association, an aggregate amount in subscriptions of at least $1,000,000 or any greater amount that the Division Director determines is necessary to conduct a safe and sound operation at the proposed location of the principal office of the association in this State. The aggregate amount constitutes the initial subscription for savings accounts.
MD. Financial Institutions Code Ann. §  9-220 (2021)
2021 Maryland Statutes|Financial Institutions|Title 9 - Savings and Loan Associations|Subtitle 2 - Incorporation|Part II - Initial Capitalization|Section 9-220 - Expense Fund

    (a)    The incorporators of a savings and loan association shall deliver to the credit of the chairman of the incorporators, as an expense fund, cash in an amount equal to at least 25 percent of the minimum initial subscriptions for savings accounts under § 9-218 of this subtitle.    (b)    The expense fund shall be used to pay:        (1)    Organizational expenses; and        (2)    Operating expenses until earnings are sufficient to pay the operating expenses and any dividends or interest on savings accounts.    (c)    Except as to withdrawal rights, priority of claims on liquidation, and the provisions of this section, an incorporator’s contribution to the expense fund shall be treated as a savings account in the savings and loan association.    (d)    Contributions of the incorporators to the expense fund may be repaid pro rata to them from the net earnings of the savings and loan association after providing for the required allocation to the general reserve fund and the payment of dividends or interest on the savings accounts of at least 2 percent a year.    (e)    If the savings and loan association liquidates before repayment of the contributions, contributions shall be repaid pro rata to the incorporators from the unexpended expense fund after the payment of all:        (1)    Liquidation expenses;        (2)    Creditors; and        (3)    The withdrawal value of savings accounts.    (f)    Subsections (b), (c), and (d) of this section do not apply to any portion of an expense fund that is provided from the paid-in surplus of a capital stock association.
MD. Financial Institutions Code Ann. §  9-221 (2021)
2021 Maryland Statutes|Financial Institutions|Title 9 - Savings and Loan Associations|Subtitle 2 - Incorporation|Part II - Initial Capitalization|Section 9-221 - Initial Subscriptions for Capital Stock Account

    The incorporators of a capital stock association shall have subscriptions for capital stock in an aggregate of not less than $1,000,000, or any greater amount that the Division Director requires in order to conduct a safe and sound operation.
MD. Financial Institutions Code Ann. §  9-222 (2021)
2021 Maryland Statutes|Financial Institutions|Title 9 - Savings and Loan Associations|Subtitle 2 - Incorporation|Part II - Initial Capitalization|Section 9-222 - Paid-in Surplus of Capital Stock Association

    A capital stock association may use paid-in surplus if the expense fund is not sufficient to pay organizational and operating expenses, and dividends or interest on savings accounts.
MD. Financial Institutions Code Ann. §  9-223 (2021)
2021 Maryland Statutes|Financial Institutions|Title 9 - Savings and Loan Associations|Subtitle 2 - Incorporation|Part II - Initial Capitalization|Section 9-223 - Refund on Failure to Incorporate

    If the attempt to incorporate a savings and loan association is unsuccessful:         (1)    The chairman of the incorporators shall refund amounts paid to the initial accounts under this subtitle, except that the expense fund and paid-in surplus accounts are first subject to all reasonable expenses; and        (2)    The Division Director shall release the surety bond of the chairman of the incorporators when the Director has satisfactory assurance that:            (i)    All expenses have been paid; and            (ii)    All amounts under item (1) of this section have been refunded.
MD. Financial Institutions Code Ann. §  9-301 (2021)
2021 Maryland Statutes|Financial Institutions|Title 9 - Savings and Loan Associations|Subtitle 3 - Organization and Capitalization|Part I - Organization|Section 9-301 - Member

    (a)    A member of a savings and loan association means a holder, as shown on the association’s records, of:        (1)    One or more savings accounts, as to a mutual association; and        (2)    One or more shares of capital stock, as to a capital stock association.    (b)    (1)    Multiple holders of a single account or share of capital stock shall be considered a single member.        (2)    Notice to one holder of a multiple name account or share of capital stock is sufficient notice to all holders.
MD. Financial Institutions Code Ann. §  9-302 (2021)
2021 Maryland Statutes|Financial Institutions|Title 9 - Savings and Loan Associations|Subtitle 3 - Organization and Capitalization|Part I - Organization|Section 9-302 - Directors

    (a)    The business and affairs of a savings and loan association shall be managed under the direction of a board of directors.    (b)    A savings and loan association shall have at least 5 directors, as its charter or bylaws provide.    (c)    (1)    Each director of a savings and loan association shall be:            (i)    A citizen of the United States; and            (ii)    A member of the association or the holder of a savings account in the association.        (2)    At least two-thirds of the directors shall be residents of this State.        (3)    Each nonresident director shall be approved by the Division Director as qualified to serve.    (d)    Subsection (c)(1)(ii) of this section does not apply to any member of a board of directors who was serving on a board before July 1, 1980.
MD. Financial Institutions Code Ann. §  9-303 (2021)
2021 Maryland Statutes|Financial Institutions|Title 9 - Savings and Loan Associations|Subtitle 3 - Organization and Capitalization|Part I - Organization|Section 9-303 - Voting Rights

    Except as otherwise provided by the charter or bylaws, each member of:         (1)    A mutual association has one vote; and        (2)    A capital stock association has one vote for each share of capital stock that the member owns of record.
MD. Financial Institutions Code Ann. §  9-304 (2021)
2021 Maryland Statutes|Financial Institutions|Title 9 - Savings and Loan Associations|Subtitle 3 - Organization and Capitalization|Part I - Organization|Section 9-304 - Notice of Meeting

    (a)    A savings and loan association shall notify each member of the time and place of any meeting of members at least 20 days before the meeting.    (b)    The notice shall be given by mail or by publication in a newspaper of general circulation in the political subdivision where the principal business office of the association is located.
MD. Financial Institutions Code Ann. §  9-305 (2021)
2021 Maryland Statutes|Financial Institutions|Title 9 - Savings and Loan Associations|Subtitle 3 - Organization and Capitalization|Part I - Organization|Section 9-305 - Quorum; Majority Rule

    At any meeting of the members of a savings and loan association:         (1)    Except as provided in the charter or bylaws, any number of members present in person or by proxy is a quorum; and        (2)    Unless otherwise specifically provided by law, the charter, or the bylaws, a majority of all votes cast at which a quorum is present determines any question.
MD. Financial Institutions Code Ann. §  9-306 (2021)
2021 Maryland Statutes|Financial Institutions|Title 9 - Savings and Loan Associations|Subtitle 3 - Organization and Capitalization|Part I - Organization|Section 9-306 - Statement of Financial Condition

    (a)    A statement of the financial condition of a savings and loan association shall be:        (1)    Prepared quarterly;        (2)    Submitted at a meeting of the board of directors of the association that is held within 30 days after the end of the quarter; and        (3)    Submitted to the Division Director within 30 days after the end of the quarter.    (b)    A savings and loan association shall:        (1)    Send or provide the quarterly statement of financial condition to any person on request; and        (2)    Within 20 days after the board of directors meeting:            (i)    Have the quarterly statement of financial condition available at each of its offices in this State; and            (ii)    Send a quarterly statement of the salaries, fees, dividends, compensation under § 9-307(i) of this subtitle, expense accounts, and any loans permitted under § 9-307(d) of this subtitle paid or made to each of the officers, directors, and controlling persons of the association and a current list of the names of the officers, directors, and controlling persons of the association, certified by an officer of the association, to the Division Director, who shall make them available to any member or depositor on request.    (c)    (1)    At least once each year, a savings and loan association shall:            (i)    Publish a summary of the statement of financial condition in a newspaper published in the county where the association has its principal office; and            (ii)    Submit proof of publication of the summary to the Division Director.        (2)    Each summary of a report shall be in a form that the Division Director approves.
MD. Financial Institutions Code Ann. §  9-308 (2021)
2021 Maryland Statutes|Financial Institutions|Title 9 - Savings and Loan Associations|Subtitle 3 - Organization and Capitalization|Part I - Organization|Section 9-308 - Fidelity Bonds

    (a)    A savings and loan association shall provide a fidelity bond, in the amount that the Division Director requires, to cover each director, officer, employee, or agent of the association who has control over or access to cash or securities of the association.    (b)    If a person fails to qualify for the bond required by subsection (a) of this section, the association shall remove the person from the position held by the person with the association.
MD. Financial Institutions Code Ann. §  9-311 (2021)
2021 Maryland Statutes|Financial Institutions|Title 9 - Savings and Loan Associations|Subtitle 3 - Organization and Capitalization|Part I - Organization|Section 9-311 - Officers

    (a)    (1)    A savings and loan association shall have a president, a secretary, and a treasurer and other officers as it may authorize.        (2)    Except for the president, who may not hold any other office than that of chairman of the board, the bylaws of an association may provide that the same individual may hold 2 offices.        (3)    The president shall be a member of the board of directors.    (b)    (1)    Except as otherwise provided in the bylaws, the board of directors shall elect the officers, and fill all vacancies.        (2)    By a vote of the majority of the board at any time, the board may remove any officer elected or appointed.    (c)    The officers shall have the authority and perform the duties as are provided in the bylaws, or, in the absence of a provision in the bylaws, as are provided by the board.
MD. Financial Institutions Code Ann. §  9-312 (2021)
2021 Maryland Statutes|Financial Institutions|Title 9 - Savings and Loan Associations|Subtitle 3 - Organization and Capitalization|Part I - Organization|Section 9-312 - Reasonableness of Compensation and Fees

    (a)    (1)    Except as otherwise provided in the bylaws, the board of directors of an association or subsidiary has the responsibility for determining the compensation of officers of the association or subsidiary.        (2)    Compensation determined under this section must be reasonable and commensurate with the duties and responsibilities of the officers.    (b)    In making the determination concerning officers, the board of directors shall consider the following factors:        (1)    The qualifications and experience of the person concerned;        (2)    The compensation paid to other persons employed by the association or subsidiary;        (3)    The compensation paid to persons having similar duties and responsibilities in other associations or subsidiaries;        (4)    The size of the association or subsidiary, and the complexity of its operations;        (5)    The financial condition, including income, of the association or subsidiary and the individual’s contribution to the financial condition;        (6)    Any amounts received, either directly or indirectly, by an officer whose principal occupation is with the association or subsidiary for other services performed for the association or subsidiary; and        (7)    The value of personal fringe benefits provided to the officer.    (c)    With respect to fees of outside accountants, appraisers, attorneys, or other professionals, the board of directors is responsible for a determination of whether those fees are reasonable and commensurate with the services being performed. This duty may be discharged by the establishment of standards for or ranges of reasonable fees with provision for periodic review by the board and the ability of the board to alter excessive fees.    (d)    (1)    In establishing fees to be paid to members of the board, the board of directors shall establish policies that protect the assets of the association.        (2)    The board of directors shall use the same factors in setting its fees as it does in setting the officer’s compensation.    (e)    The minutes of the board of directors shall include the record of deliberations concerning compensation for officers and fees for accountants, attorneys, appraisers, other professionals, and directors.
MD. Financial Institutions Code Ann. §  9-313 (2021)
2021 Maryland Statutes|Financial Institutions|Title 9 - Savings and Loan Associations|Subtitle 3 - Organization and Capitalization|Part II - Capital Structure of Associations -- Nondeposit Association|Section 9-313 - Savings Share Accounts

    (a)    If its charter or bylaws provide, a savings and loan association that is not a deposit association may issue savings share accounts.    (b)    Notwithstanding any provision in its charter or bylaws before July 1, 1980 on the number of savings share accounts, a savings and loan association that is not a deposit association may accept subscriptions and payment for an unlimited number of savings share accounts without other corporate action.
MD. Financial Institutions Code Ann. §  9-314 (2021)
2021 Maryland Statutes|Financial Institutions|Title 9 - Savings and Loan Associations|Subtitle 3 - Organization and Capitalization|Part III - Capital Structure of Associations -- Deposit Association|Section 9-314 - Deposit Association

    (a)    Only a deposit association may issue savings deposit accounts.    (b)    A savings and loan association may become a deposit association if:        (1)    Its charter or bylaws provide; and        (2)    The Division Director approves.
MD. Financial Institutions Code Ann. §  9-315 (2021)
2021 Maryland Statutes|Financial Institutions|Title 9 - Savings and Loan Associations|Subtitle 3 - Organization and Capitalization|Part III - Capital Structure of Associations -- Deposit Association|Section 9-315 - Rights of Owner of Deposit Account

    (a)    The holder of a savings deposit account in a savings and loan association has the same claim priority in any distribution of assets on liquidation as a general creditor of the deposit association to the extent of the deposit account’s withdrawal value.    (b)    In addition to subsection (a) of this section, the holder of a savings deposit account has the same rights as the owner of a savings share account, including any membership or voting rights and the right to share in any distribution of remaining assets on liquidation.
MD. Financial Institutions Code Ann. §  9-316 (2021)
2021 Maryland Statutes|Financial Institutions|Title 9 - Savings and Loan Associations|Subtitle 3 - Organization and Capitalization|Part III - Capital Structure of Associations -- Deposit Association|Section 9-316 - Nature of Deposit Associations

    If a savings and loan association becomes a deposit association:         (1)    It may accept only savings deposit accounts;        (2)    Existing savings share accounts in the association become savings deposit accounts;        (3)    The conversion, for the purpose of computing interest on its savings accounts, shall be considered to have taken place on the immediately preceding regular distribution date if the effective date of the conversion to a deposit association is made on a date other than the date on which an association regularly distributes dividends; and        (4)    The holder of any outstanding right to receive from the association a savings share account shall receive instead a savings deposit account.
MD. Financial Institutions Code Ann. §  9-319 (2021)
2021 Maryland Statutes|Financial Institutions|Title 9 - Savings and Loan Associations|Subtitle 3 - Organization and Capitalization|Part IV - Capital Structure of Associations -- Capital Stock Association|Section 9-319 - Power to Issue Capital Stock

    If its charter provides, a savings and loan association may issue capital stock.