{"data":{"id":"us-md/md.-code-financial-institutions-9-320","jurisdiction":"us-md","citation":"Md. Code, Financial Institutions § 9–320","heading":"","body":"A capital stock association:\n(1) Shall obtain the prior written approval of the Division Director for each prospectus, offering circular, or advertisement offering capital stock for sale or subscription;\n(2) Shall include in each prospectus offering capital stock a statement that shares of capital stock are not insured by the State of Maryland Deposit Insurance Fund Corporation or the Federal Savings and Loan Insurance Corporation;\n(3) Except for stock issued under a plan of consolidation, merger, or reorganization approved under § 9-627 of this title, shall require that the consideration for its capital stock be paid in cash and in an amount not less than the par value of the stock;\n(4) May issue stock options under a stock option plan approved by the Division Director;\n(5) May not grant any loan which is secured in whole or in part by shares of its capital stock; and\n(6) Unless the Division Director has given prior written approval, may not repurchase shares of capital stock for its own account.","path":["Article - Financial Institutions"],"source_url":"https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=gfi\u0026section=9-320","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T19:58:27Z","sha256":"a0808f50159cc4ddfe43059c6ff39b9a697febce6f790f4a8e68ca4c747999ca","source_id":"us-md","stale":false,"prev":"us-md/md.-code-financial-institutions-9-319","next":"us-md/md.-code-financial-institutions-9-321"},"notice":"GroundRules: Original legal text. Not legal advice."}