Section 4-908 - Declaration of cash dividend. - Maryland Statutes

§ 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. 
 

[1986, ch. 355; 1996, ch. 326, § 2.]