The incorporators of a savings and loan association shall deliver to their chairman, as savings accounts in the association, an aggregate amount in subscriptions of at least $1,000,000 or any greater amount that the Division Director determines is necessary to conduct a safe and sound operation at the proposed location of the principal office of the association in this State. The aggregate amount constitutes the initial subscription for savings accounts.
Structure Maryland Statutes
Title 9 - Savings and Loan Associations
Part II - Initial Capitalization
Section 9-216 - Acquisitions of Shares of Stock of Association; Change of Control
Section 9-216.1 - Initial Accounts and Surety Bond
Section 9-217 - Form of Surety Bond
Section 9-218 - Initial Subscription for Savings Accounts
Section 9-221 - Initial Subscriptions for Capital Stock Account
Section 9-222 - Paid-in Surplus of Capital Stock Association