Section 9-406 - Same - Special purpose accounts. - Maryland Statutes

§ 9-406. Same - Special purpose accounts.
 

(a)  Authority to forego payment.- Except as required by subsection (b) of this section, a savings and loan association is not required to pay any dividend or interest on special purpose accounts such as "Christmas" or "vacation" accounts. 

(b)  Rate.- A savings and loan association shall pay at least 5 percent annual interest or dividend on savings accounts that are for: 

(1) A period of 1 year or less; and 

(2) A special purpose, such as "Christmas" or "vacation" accounts. 
 

[An. Code 1957, art. 23, §§ 160, 1601/2; 1980, ch. 856; 1986, ch. 282.]