§ 9-218. Initial subscription for savings accounts

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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.

HISTORY: CA § 6-204; 1980, ch. 856; 1986, ch. 282.

                    
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