Maryland § 4-702
Full text of Maryland Maryland Code § 4-702, with citation guidance and answers to common questions.
§ 4-702.
(a) A savings bank may dissolve voluntarily as provided in this section.
(b) A proposed voluntary dissolution shall be approved by:
(1) The affirmative vote, in person or by proxy, of two thirds of the members; or
(2) If there are no members, the unanimous vote of the board of directors.
(c) (1) After a proposed dissolution is approved, the board of directors of the savings bank shall give the following notices.
(2) The board shall give written notice to the Commissioner of the impending dissolution. This notice shall be certified under the corporate seal of the savings bank by its president and by its treasurer.
(3) The board also shall give notice to creditors of the savings bank to present for payment any claim against it. This notice shall be published once each week for 8 consecutive weeks in a newspaper published in the county where the savings bank has its principal banking office.
(d) After publication of the required notice to creditors, the directors of a savings bank shall execute and file with the Commissioner a statement that the savings bank is dissolved.
Frequently Asked Questions About Maryland § 4-702
What does Maryland Code § 4-702 cover?
Section 4-702 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 § 4-702?
A common citation format is "Maryland Code § 4-702" (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 § 4-702 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.