1. (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. (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. (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. (4) May issue stock options under a stock option plan approved by the Division Director;
5. (5) May not grant any loan which is secured in whole or in part by shares of its capital stock; and
6. (6) Unless the Division Director has given prior written approval, may not repurchase shares of capital stock for its own account.

A capital stock association:

Added by Acts 1980, c. 856, § 2, eff. July 1, 1980. Amended by Acts 1986, c. 5, § 1; Acts 1986, c. 282, § 1, eff. June 1, 1986; Acts 1987, c. 11, § 1.