§ 9-212. Revival of charter

Latest version.

   (a) In general. -- 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) Approval or refusal. -- 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.

HISTORY: CA § 6-223; 1980, ch. 856; 1986, ch. 282.

                    
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