1. (a) Subject to the provisions of this subtitle, five or more adult individuals, each of whom is a resident of this State and a citizen of the United States, may act as incorporators to form a savings and loan association under this title.
2. (b) The incorporators shall elect a chairman from among themselves.

Added by Acts 1980, c. 856, § 2, eff. July 1, 1980. Amended by Acts 1986, c. 282, § 1, eff. June 1, 1986.