§ 9-223. Refund on failure to incorporate

   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.

HISTORY: CA § 6-210; 1980, ch. 856; 1986, ch. 282.