1786                             Laws of Maryland                      [Ch. 706

October 1, 1972, file an application with the Federal Savings and
Loan Insurance Corporation for insurance of accounts or an applica-
tion for membership in the Maryland Savings-Share Insurance
Corporation and copies of said applications must be filed with the
Director of the Division of Buildings BUILDING, Savings and Loan
Associations.

Any association failing to file its notice of intention to apply for
insurance of accounts with the Federal Savings and Loan Insurance
Corporation or membership in the Maryland Savings-Share Insur-
ance Corporation on or before July 1, 1972, or having so filed fails to
file an application with the Federal Savings and Loan Insurance
Corporation or the Maryland Savings-Share Insurance Corporation on
or before October 1, 1972, shall be deemed to have elected to liquidate,
merge with an insured association or convert into an ordinary busi-
ness corporation and it must file such plan or plans with the Director
of the Division of Building, Savings and Loan Associations on or
before October 1, 1972, and notify, within thirty (30) days of
October 1, 1972, by mail, on a form approved by the Director of the
Division of Building, Savings and Loan Associations, all sharehold-
ers of said association of the failure of the Association to become
insured and of the future plans of said association.

Sec. 2. And be it further enacted, That this Act shall take effect
June 1, 1972.

Approved May 31, 1972.

CHAPTER 706
(House Bill 689)

AN ACT to repeal and re-enact, with amendments, Section 48(a)
of Article 81 of the Annotated Code of Maryland (1969 Replace-
ment Volume), title "Revenue and Taxes," subtitle "When Taxes
Are Payable," to change the methods of computing interest on
overdue STATE AND LOCAL PROPERTY tax bills.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 48(a) of Article 81 of the Annotated Code of Mary-
land (1969 Replacement Volume), title "Revenue and Taxes," sub-
title "When Taxes Are Payable," be and it is hereby repealed and
re-enacted, with amendments, to read as follows:

48.

(a) Except in Baltimore City as to city taxes for which pro-
vision is made by subsection (e), all ordinary State, county, incor-
porated city or town, and taxing district taxes, are due and pay-
able without interest as of the first day of July in each taxable
year; these taxes are overdue and in arrears on the first day of
the succeeding October, and from and after this day of October 1