Md. Code, Fin. Inst. § 4-908

Current with changes from the 2024 Legislative Session

Section 4-908 - Declaration of cash dividend

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.

Md. Code, FI § 4-908