1. (1) The chairman of the incorporators shall refund amounts paid to the initial accounts under this subtitle, except that the expense fund and paid-in surplus accounts are first subject to all reasonable expenses; and

2. (2) The Division Director shall release the surety bond of the chairman of the incorporators when the Director has satisfactory assurance that:

   1. (i) All expenses have been paid; and
   2. (ii) All amounts under item (1) of this section have been refunded.

If the attempt to incorporate a savings and loan association is unsuccessful:

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