If the attempt to incorporate a savings and loan association is unsuccessful:
(1) The chairman of the incorporators shall refund amounts paid to the initial accounts under this subtitle, except that the expense fund and paid-in surplus accounts are first subject to all reasonable expenses; and
(2) The Division Director shall release the surety bond of the chairman of the incorporators when the Director has satisfactory assurance that:
(i) All expenses have been paid; and
(ii) All amounts under item (1) of this section have been refunded.
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