Section 9-316 - Nature of deposit associations. - Maryland Statutes

§ 9-316. Nature of deposit associations.
 

If a savings and loan association becomes a deposit association: 

(1) It may accept only savings deposit accounts; 

(2) Existing savings share accounts in the association become savings deposit accounts; 

(3) The conversion, for the purpose of computing interest on its savings accounts, shall be considered to have taken place on the immediately preceding regular distribution date if the effective date of the conversion to a deposit association is made on a date other than the date on which an association regularly distributes dividends; and 

(4) The holder of any outstanding right to receive from the association a savings share account shall receive instead a savings deposit account. 
 

[1980, ch. 856; 1986, ch. 282.]