456 LAWS OF MARYLAND [CH. 131

provisions of Article 48A o/ this Code, TITLE "INSURANCE", by
reason of participation herein.

161UU. No officer or director of the Corporation, whether ap-
pointed or elected, is personally liable upon any of its contracts
legally entered into on behalf of the Corporation unless the same
by its terms shall expressly obligate him or them.

161VV. The life of the Corporation is perpetual.

161WW. As used herein, the following words have the meanings
indicated unless the context clearly requires a different meaning:

(1) "Corporation" means the Maryland Savings-Share

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INSURANCE CORPORATION, created hereby.

(2) "Director" "SUPERVISOR" means the Director of the State
Department of Assessments and Taxation, as provided in Section 160F
of this Article, or its means the Director of the Department of Build-
ing_y Savings and Loan Associations, as provided in Section 161G of
this Article, depending upon which section is effective.

(3) "Directors" means the Board of Directors of the Maryland
Savings-Share

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(4) "ASSOCIATION" MEANS ANY BUILDING, SAVINGS AND
LOAN OR HOMESTEAD ASSOCIATION ORGANIZED UNDER
THE LAWS OF THIS STATE, FEDERAL SAVINGS AND LOAN
ASSOCIATION INCORPORATED PURSUANT TO THE ACT OF
THE CONGRESS OF THE UNITED STATES, APPROVED THE
13TH DAY OF JUNE, 1933, ENTITLED THE "HOME OWNERS'
LOAN ACT OF 1933", WITH AMENDMENTS, AND FOREIGN
SAVINGS AND LOAN ASSOCIATIONS DULY AUTHORIZED TO
DO BUSINESS IN THIS STATE, AND FURTHER, EACH SUCH
FEDERAL OR FOREIGN ASSOCIATION SHALL BE REQUIRED
TO HAVE ITS PRINCIPAL OFFICES IN THIS STATE AND 75%
OF ITS TOTAL ASSETS INVESTED IN ACCORDANCE WITH
THE PROVISIONS OF SECTION 150, AND SECTIONS 160Z AND
161Z OF THIS ARTICLE, AS AMENDED FROM TIME TO TIME,
DEPENDING UPON WHICH SECTION IS EFFECTIVE.

(5) AN "INSURED INSTITUTION", AS REFERRED TO IN
SECTION 161 OO (G) HEREOF, IS AN ASSOCIATION WHOSE
ACCOUNTS ARE INSURED BY THE FEDERAL SAVINGS AND
LOAN INSURANCE CORPORATION.

161XX. The Corporation is exempt from all special and ordinary
taxes and from documentary stamp and transfer taxes imposed by
this State or any political subdivision thereof, including the tax
imposed under the subtitle "Income Tax" of Article 81 of this Code,
as amended from time to time.

SEC. 2. And be it further enacted, That all applications from
associations for membership received by the Corporation prior to