Maryland § 9-216.1
Full text of Maryland Maryland Code § 9-216.1, with citation guidance and answers to common questions.
§ 9-216.1.
(a) To organize as a savings and loan association, the chairman of the incorporators shall:
(1) Obtain a surety bond as provided in § 9-217 of this subtitle; and
(2) Establish:
(i) The initial subscription for savings accounts; and
(ii) The expense fund.
(b) (1) In addition to subsection (a) of this section, the incorporators of a capital stock association shall establish an initial subscription account for capital stock.
(2) (i) A capital stock association may use its paid-in surplus to provide amounts required for the expense fund.
(ii) Any paid-in surplus amounts that are allocated to the expense fund under subparagraph (i) of this paragraph may not be used for dividends to holders of capital stock or any other distribution to holders of capital stock except on liquidation.
Frequently Asked Questions About Maryland § 9-216.1
What does Maryland Code § 9-216.1 cover?
Section 9-216.1 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 § 9-216.1?
A common citation format is "Maryland Code § 9-216.1" (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 § 9-216.1 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.