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§ 4-301. Certificate payments and additions

West's Annotated Code of MarylandFinancial Institutions

West's Annotated Code of Maryland
Financial Institutions
Title 4. Banking Institutions--Savings Banks
Subtitle 3. Guaranty Fund; Deposits (Refs & Annos)
MD Code, Financial Institutions, § 4-301
§ 4-301. Certificate payments and additions
Currentness
In general
(a) If a savings bank has a guaranty fund that is less than 5 percent of its total deposits, the savings bank:
(1) May not make any payment on the principal of the transferable deferred payment certificates that evidence payments to the initial guaranty fund; and
(2) May not pay interest on the certificates unless the Commissioner approves the payment and the rate of interest.
Addition of net earnings
(b) If a savings bank has a guaranty fund that is less than 5 percent of its total deposits, the savings bank shall add to its initial guaranty fund, at the end of each fiscal year, at least 10 percent of its net earnings, calculated before interest on the transferable deferred payment certificates.

Credits

Added by Acts 1980, c. 33, § 2, eff. July 1, 1980. Amended by Acts 1996, c. 326, § 2, eff. July 1, 1996.
Formerly Art. 11, § 39.
MD Code, Financial Institutions, § 4-301, MD FIN INST § 4-301
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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