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§ 4-908. Cash dividends

West's Annotated Code of MarylandFinancial Institutions

West's Annotated Code of Maryland
Financial Institutions
Title 4. Banking Institutions--Savings Banks
Subtitle 9. Subsidiary Savings Banks (Refs & Annos)
MD Code, Financial Institutions, § 4-908
§ 4-908. Cash dividends
Currentness
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.

Credits

Added by Acts 1986, c. 355, § 1, eff. July 1, 1986. Amended by Acts 1996, c. 326, § 2, eff. July 1, 1996.
MD Code, Financial Institutions, § 4-908, MD FIN INST § 4-908
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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