Section 9-212 - Revival of charter. - Maryland Statutes

§ 9-212. Revival of charter.
 

(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. 
 

[CA § 6-223; 1980, ch. 856; 1986, ch. 282.]