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§ 9-207. Review of application by Division Director

West's Annotated Code of MarylandFinancial Institutions

West's Annotated Code of Maryland
Financial Institutions
Title 9. Savings and Loan Associations
Subtitle 2. Incorporation (Refs & Annos)
Part I. In General
MD Code, Financial Institutions, § 9-207
§ 9-207. Review of application by Division Director
Currentness
The Division Director shall determine from the available information if:
(1) The name of the proposed savings and loan association:
(i) Is the same as an existing association or so similar to the name of an existing association as to mislead the public; and
(ii) Complies with § 9-203 of this subtitle;
(2) The character, responsibility, and general fitness of the incorporators, board of directors, officers and controlling persons of the proposed association qualifies those individuals to act as incorporators, directors, officers, or controlling persons;
(3) The establishment of the proposed association and its location will promote the public interest; and
(4) The proposed association, if a stock association, has subscription for capital stock in an amount determined by the Division Director to be sufficient for the safe and proper operation of the association, which in no event may be less than $1,000,000.

Credits

Added by Acts 1980, c. 856, § 2, eff. July 1, 1980. Amended by Acts 1984, c. 91; Acts 1986, c. 282, § 1, eff. June 1, 1986.
MD Code, Financial Institutions, § 9-207, MD FIN INST § 9-207
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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