Maryland § 9-320

§ 9-320.

    A capital stock association:

        (1)    Shall obtain the prior written approval of the Division Director for each prospectus, offering circular, or advertisement offering capital stock for sale or subscription;

        (2)    Shall include in each prospectus offering capital stock a statement that shares of capital stock are not insured by the State of Maryland Deposit Insurance Fund Corporation or the Federal Savings and Loan Insurance Corporation;

        (3)    Except for stock issued under a plan of consolidation, merger, or reorganization approved under § 9-627 of this title, shall require that the consideration for its capital stock be paid in cash and in an amount not less than the par value of the stock;

        (4)    May issue stock options under a stock option plan approved by the Division Director;

        (5)    May not grant any loan which is secured in whole or in part by shares of its capital stock; and

        (6)    Unless the Division Director has given prior written approval, may not repurchase shares of capital stock for its own account.