Md. Code Ann., Fin. Inst. § 9-405
Fixed term account dividends or interest
Effective Jun 1, 1986Added by Acts 1980, c. 856, § 2, eff. July 1, 1980. Amended by Acts 1986, c. 282, § 1, eff. June 1, 1986.State of Maryland
(a) Dividends or interest on a savings certificate account or other type of fixed term account shall be:
- (1) Subject to the approval of the Division Director; and
- (2) In accordance with the rules and regulations of the Division Director.
(b) Within 45 days of the request, the Division Director shall approve an association's request to pay a dividend or interest under this section if:
- (1) Earnings of the association are sufficient to pay the proposed dividend for a period of at least 1 year; and
- (2) The public interest is protected.
- (c) An applicant aggrieved by the action or nonaction of the Division Director under this section may appeal to the appropriate circuit court.
Added by Acts 1980, c. 856, § 2, eff. July 1, 1980. Amended by Acts 1986, c. 282, § 1, eff. June 1, 1986.
Formerly Art. 23, § 161FF.