Section 9-321 - Future issuance of capital stock. - Maryland Statutes

§ 9-321. Future issuance of capital stock.
 

(a)  In general.- If the Division Director approves a plan of issuance under subsection (b) of this section, a capital stock association may issue capital stock that is additional to that of its initial offering. 

(b)  Approval by Division Director.- The Division Director shall approve a plan submitted under subsection (a) of this section if the plan: 

(1) Is fair; and 

(2) Conforms to this part of this subtitle. 

(c)  Stock dividend.- A dividend in the form of a savings and loan association's capital stock does not require approval of the Division Director. 

(d)  Stock split.- A split of the number of issued shares of capital stock of a savings and loan association into a greater or lesser number of shares without increasing the stated capital of the association requires the approval of the Division Director. 

(e)  Appeal.- Any applicant that is aggrieved by the action or nonaction of the Director may appeal to the Circuit Court for Baltimore City. 
 

[CA § 6-217.2; 1980, ch. 856; 1986, ch. 282.]