J. MILLARD TAWES, Governor 455

cepted by the board of directors, which acceptance shall not be denied
except for good cause shown. As provided in section 150 of this
Article, as amended from time to time, every savings and loan asso-
ciation of this State as hereinafter defined IN SECTION 161WW (4)
may become a member of the Corporation and may invest in any AND
pay such assessments, premiums, and other charges as may be re-
quired for participation in the Corporation.

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MEMBERSHIP
IN THE CORPORATION IS FOR THE LIFE OF THE CORPORA-
TION, SUBJECT TO THE BY-LAWS, RULES, AND REGULA-
TIONS OF THE CORPORATION. ANY MEMBER MAY WITH-
DRAW FROM THE CORPORATION UPON WRITTEN NOTICE
GIVEN ONE YEAR IN ADVANCE OF THE INTENDED DATE
OF WITHDRAWAL AND UPON COMPLYING WITH THE BY-
LAWS, RULES AND REGULATIONS OF THE CORPORATION.

161QQ. The provisions of Sections 160J and 161J of this Article
(1961 Supplement, as may be amended from time to time), which-
ever may have effect, shall be construed and applied so as not to
prevent a proper exchange of information relating to associations
and their business between the Director SUPERVISOR and repre-
sentatives of the Maryland Savings-Share Guaranty Fund, Inc.., IN-
SURANCE CORPORATION.

161RR. Under no circumstances is the faith or credit of the State
of Maryland pledged herein.

161SS. Promptly upon its appointment, and before the acceptance
of the membership of any associations, the temporary board of di-
rectors shall promulgate such by-laws, rules and regulations as
may be necessary and proper to carry out the provisions hereof and
as are not inconsistent herewith. Thereafter, the by-laws, rules, and
regulations so adopted may be amended or revoked, and amendments
and new by-laws, rules, and regulations will become effective only
after submission to and obtaining the approval of the Director
SUPERVISOR, whose approval may be denied only if he has reason
to believe that the principles and purposes of this sub-heading will be
subverted thereby or if the best interests of the public will not be pro-
moted thereby. Unless the director SUPERVISOR shall within SO
days after submission notify the Corporation of his disapproval and
state the grounds therefor, the amendments, by-laws, rules and/or
regulations so submitted shall be deemed approved. AS ONE OF
SUCH RULES AND REGULATIONS THE BOARD OF DIREC-
TORS FROM TIME TO TIME SHALL ESTABLISH A LIMIT ON
THE AMOUNT OF INSURANCE WHICH MAY BE PROVIDED
FOR EACH SEPARATE SHARE ACCOUNT OF AN ASSOCIA-
TION; AND THIS LIMIT MAY NOT EXCEED BY MORE THAN
THE SUM OF $10,000.00 THE AMOUNT OF PREVAILING IN-
SURANCE AVAILABLE FROM THE FEDERAL SAVINGS AND
LOAN INSURANCE CORPORATION OR ITS SUCCESSOR IN-
STRUMENTALITY FROM TIME TO TIME.

161TT. Neither the Corporation, the member associations, nor
those persons owning free share accounts therein, are subject to the