actively engaged in business in Maryland
which are subject to the supervision and
regulation of the Division.
The Director of the Division is appointed
by the Secretary of Licensing and Regula-
tion with the approval of the Governor. The
Director, with the approval of the Board of
Building, Savings and Loan Association
Commissioners appoints the Deputy Direc-
tor, the examiners, and such number of ad-
ditional employees as may be provided for
in the budget.
Provisions are made in the law with re-
spect to investments, withdrawal of ac-
counts, taxation, promotional activities,
management and functions of such busi-
nesses, including class and type of securities,
and allocation of profits, reserves and divi-
dends. Provisions are also outlined for the
branching, consolidation, merger, and the
dissolution of associations. In addition, pro-
visions are made for conservators and re-
ceivers for such businesses; exempting
accounts of such businesses from the Mary-
land Securities Act of 1962; the creation of
a Board of Building, Savings and Loan
Association Commissioners; and providing
penalties for failure or refusal to comply
with certain provisions of the Act (Code
1957, 1973 Repl. Vol., Art. 23, sees. 144-
161LL).
Staff: 32.
BOARD OF BUILDING, SAVINGS
AND LOAN ASSOCIATION
COMMISSIONERS
Chairman: W. Thomas Gisriel, 1977
Jay Fitzgerald, 1977; Joseph T. Lynch,
1977; John F. Pasko, 1977; Frank L.
Hewitt, Jr„ 1978; John M. Balder, 1979;
David R. Millard, 1979; Broadus E. Saw-
yer, 1979; Mark L. Palmer, 1980.
One South Calvert Street,
Baltimore 21202 Telephone: 383-2314
The Board of Building, Savings and Loan
Association Commissioners consists of nine
members appointed by the Governor with
the advice of the Secretary of Licensing and |
Regulation and with the advice and consent
of the Senate for four-year terms.
Each of the members shall have been a
resident and registered voter of the State of
Maryland for at least five years immediately
preceding his appointment. Five of the
members shall have been engaged as officers
or directors of, or attorneys for, a building,
savings and loan association, the principal
place of business of which is located in this
State, for at least five years prior to their
appointment. Three of the industry members
shall have been actively engaged as officers
or directors of, or attorneys for. a building,
savings and loan association chartered or
incorporated under the laws of the State of
Maryland, the free share accounts of which
are not insured by the United States gov-
ernment, Two of the industry members shall
have been actively engaged as an officer or
director of, or attorney for, an association,
the free share accounts of which are insured
by the United States government. The re-
maining four members of the Board are
selected from the public at large. The public
members must not have served during the
twelve months prior to their appointment as
officers of, directors of, or attorneys for,
any association, and shall not serve in that
capacity while they are members of the
Board.
The Board recommends the names of five
persons qualified to be Director to the Sec-
retary of Licensing and Regulation. The
Board also has full power to advise and
make recommendations to the Director on
questions within the scope of his authority;
to submit to the Secretary of Licensing and
Regulation proposed amendments to the
building, savings and loan association laws;
to establish methods and standards to be
used in making examinations of associations
for the evaluation of assets of associations
and for advertising and promotional activi-
ties by the associations; and to make, adopt,
modify and amend such rules and regula-
tions as may be reasonable and necessary
(Code 1957, 1973 Repl. Vol., Art. 23,
sees. 144-161LL).
Staff: 27. |
