Section 9-405 - Same - Fixed term accounts.
§ 9-405. Same - Fixed term accounts.
(a) In general.- Dividends or interest on a savings certificate account or other type of fixed term account shall be:
(1) Subject to the approval of the Division Director; and
(2) In accordance with the rules and regulations of the Division Director.
(b) Approval by Division Director.- Within 45 days of the request, the Division Director shall approve an association's request to pay a dividend or interest under this section if:
(1) Earnings of the association are sufficient to pay the proposed dividend for a period of at least 1 year; and
(2) The public interest is protected.
(c) Appeal.- An applicant aggrieved by the action or nonaction of the Division Director under this section may appeal to the appropriate circuit court.
[An. Code 1957, art. 23, § 161FF; 1980, ch. 856; 1986, ch. 282.]