Maryland § 4-603
Full text of Maryland Maryland Code § 4-603, with citation guidance and answers to common questions.
§ 4-603.
(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.
(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.
Frequently Asked Questions About Maryland § 4-603
What does Maryland Code § 4-603 cover?
Section 4-603 is part of the Maryland Code, the codified statutory law of Maryland. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Maryland § 4-603?
A common citation format is "Maryland Code § 4-603" (Maryland). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Maryland law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maryland official source linked on this page or consult a licensed Maryland attorney.
How does Maryland § 4-603 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maryland can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Maryland.