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§ 9-223. Refund on failure to incorporate

MD Fin Inst Code § 9-223 (2019) (N/A)
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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.

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