§ 4-908. Declaration of cash dividend

MD Fin Inst Code § 4-908 (2019) (N/A)
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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.