Maryland Code, FINANCIAL INSTITUTIONS 9-202

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Terms Used In Maryland Code, FINANCIAL INSTITUTIONS 9-202

Adult: means an individual at least 18 years old. See
state: means :

(1) a state, possession, territory, or commonwealth of the United States; or

(2) the District of Columbia. See

(a) Subject to the provisions of this subtitle, five or more adult individuals, each of whom is a resident of this State and a citizen of the United States, may act as incorporators to form a savings and loan association under this title.

(b) The incorporators shall elect a chairman from among themselves.

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