(a) Only a deposit association may issue savings deposit accounts.
(b) A savings and loan association may become a deposit association if:
(1) Its charter or bylaws provide; and
(2) The Division Director approves.
Md. Code Ann., Fin. Inst. § 9-314
Official source: Maryland General Assembly. Reproduced from public-domain Maryland statutes; confirm against the official source for the current text. Not legal advice.