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§ 4-603. Restrictions relating to total amount of outstanding debt

West's Annotated Code of MarylandFinancial Institutions

West's Annotated Code of Maryland
Financial Institutions
Title 4. Banking Institutions--Savings Banks
Subtitle 6. Miscellaneous Regulations (Refs & Annos)
MD Code, Financial Institutions, § 4-603
§ 4-603. Restrictions relating to total amount of outstanding debt
Currentness
In general
(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.
Borrowing by savings bank
(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.

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, § 41.
MD Code, Financial Institutions, § 4-603, MD FIN INST § 4-603
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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