Maryland § 9-328
Full text of Maryland Maryland Code § 9-328, with citation guidance and answers to common questions.
§ 9-328.
(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.
(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.
(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.
(d) By regulation the Division Director may permit or deny other items to be included in, or deducted from, gross income.
Frequently Asked Questions About Maryland § 9-328
What does Maryland Code § 9-328 cover?
Section 9-328 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 § 9-328?
A common citation format is "Maryland Code § 9-328" (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 § 9-328 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.