(a) 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) 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) A dividend in the form of a savings and loan association’s capital stock does not require approval of the Division Director. (d) 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) Any applicant that is aggrieved by the action or nonaction of the Director may appeal to the Circuit Court for Baltimore City.
Maryland Legal Code