Maryland § 9-404
Full text of Maryland Maryland Code § 9-404, with citation guidance and answers to common questions.
§ 9-404.
(a) Subject to this title and its bylaws, a savings and loan association may:
(1) Pay a dividend on savings share accounts or interest on savings deposit accounts;
(2) Agree in advance to pay an additional or different rate of dividend or interest on all savings accounts in the same classification subject to the requirement that each savings account in the same classification receive the same ratable portion of dividends or interest; and
(3) Provide for penalties in a savings account contract, subject to approval of the Division Director.
(b) The board of directors of a savings and loan association, by resolution, shall determine as to dividends or interest on savings accounts:
(1) The rate;
(2) The method of calculation; and
(3) The payment date.
(c) Dividends or interest on savings accounts may be paid only from current earnings, earned surplus, the expense fund, or as otherwise provided in this title.
Frequently Asked Questions About Maryland § 9-404
What does Maryland Code § 9-404 cover?
Section 9-404 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 § 9-404?
A common citation format is "Maryland Code § 9-404" (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 § 9-404 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.