Section 9-321 - Future issuance of capital stock.
§ 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.]