Section 9-223 - Refund on Failure to Incorporate

If the attempt to incorporate a savings and loan association is unsuccessful: (1) The chairman of the incorporators shall refund amounts paid to the initial accounts under this subtitle, except that the expense fund and paid-in surplus accounts are first subject to all reasonable expenses; and (2) The Division Director shall release the surety bond of the chairman of the incorporators when the Director has satisfactory assurance that: (i) All expenses have been paid; and (ii) All amounts under item (1) of this section have been refunded.