After providing for due or accrued expenses, losses, interest, and taxes, the board of directors of a subsidiary savings bank may declare a cash dividend only from the following:
(1) Its undivided profits; or
(2) With the approval of the Commissioner, its surplus in excess of 100 percent of its required capital stock.
Structure Maryland Statutes
Title 4 - Banking Institutions -- Savings Banks
Subtitle 9 - Subsidiary Savings Banks
Section 4-902 - Articles of Incorporation
Section 4-903 - Copies of Articles of Incorporation
Section 4-904 - When Subsidiary Savings Bank Becomes Corporation
Section 4-905 - Powers and Duties
Section 4-906 - Requirements for Doing Business
Section 4-908 - Declaration of Cash Dividend