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§ 9-328. Profit allocation

West's Annotated Code of MarylandFinancial Institutions

West's Annotated Code of Maryland
Financial Institutions
Title 9. Savings and Loan Associations
Subtitle 3. Organization and Capitalization (Refs & Annos)
Part V. Capital Structure of Associations--Operations
MD Code, Financial Institutions, § 9-328
§ 9-328. Profit allocation
Currentness
In general
(a) Subject to regulation of the Division Director, the board of directors of each savings and loan association shall allocate the profits of the association, at least annually, at the times the bylaws provide.
Gross income determination
(b) The board of directors of each savings and loan association shall:
(1) In accordance with generally accepted accounting principles, determine gross income for the association; and
(2) Exclude from gross income:
(i) Income received or accrued during the period of default for any asset upon which a default exists; and
(ii) Discounts that are amortized on securities upon which a default exists.
Net profit determination
(c) To determine the amount of net profits, the board of directors shall deduct items from gross income in accordance with generally accepted accounting principles.
Other items to be included or deducted from gross income
(d) By regulation the Division Director may permit or deny other items to be included in, or deducted from, gross income.

Credits

Added by Acts 1980, c. 856, § 2, eff. July 1, 1980. Amended by Acts 1986, c. 282, § 1, eff. June 1, 1986.
Formerly Art. 23, § 161DD.
MD Code, Financial Institutions, § 9-328, MD FIN INST § 9-328
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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