§9–223.

    If the attempt to incorporate a savings and loan association is unsuccessful:

        (1)    The chairman of the incorporators shall refund amounts paid to the initial accounts under this subtitle, except that the expense fund and paid-in surplus accounts are first subject to all reasonable expenses; and

        (2)    The Division Director shall release the surety bond of the chairman of the incorporators when the Director has satisfactory assurance that:

            (i)    All expenses have been paid; and

            (ii)    All amounts under item (1) of this section have been refunded.