(a) A savings and loan association that forfeits its charter may revive the charter in accordance with Title 3, Subtitle 5 of the Corporations and Associations Article only if:
(1) The Division Director approves the proposed articles of revival; and
(2) The charter was forfeited for:
(i) Failure to file an annual report with the State Department of Assessments and Taxation; or
(ii) Nonpayment of taxes.
(b) Not later than 30 days after a savings and loan association files articles of revival with the Division Director for examination, the Director shall pass an order approving or refusing the articles of revival.
Structure Maryland Statutes
Title 9 - Savings and Loan Associations
Section 9-202 - Formation in General
Section 9-203 - Name of Savings and Loan Association
Section 9-204 - Articles of Incorporation; Proposed Bylaws
Section 9-205 - Application to Organize
Section 9-206 - Publication of Filing; Hearing Set
Section 9-207 - Division Director's Review
Section 9-208 - Approval or Refusal; Appeal
Section 9-208.1 - Approvals on or After July 1, 1990
Section 9-209 - Filing for Record; Status
Section 9-210 - Forfeiture of Charter for Failure to Begin Business or for Nonuse
Section 9-211 - Charter Amendment
Section 9-212 - Revival of Charter
Section 9-213 - Division Director May Require Filing of Bylaws