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Session Laws, 1937
Volume 412, Page 307   View pdf image (33K)
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HARRY W. NICE, GOVERNOR. 307

119. The board of directors of a credit union may declare a
dividend from so much of its net profits at the close of any
fiscal year after providing for expenses, interest and taxes ac-
crued. Provided, however, that no dividend shall be declared
until the amount of net earnings shall have been transferred to
the Reserve Fund, as required by this Article. Any losses sus-
tained may be charged against the Reserve Fund, Surplus
or Undivided Earnings, and no dividends shall be declared if
the known losses existing at the close of any fiscal year, exceed
the balance of the Reserve Fund, Surplus or Undivided Earn-
ings after the payment of said dividend. Dividends shall be
paid in the way and manner provided in the By-Laws.

SEC. 2. And be it further enacted, That this Act shall take
effect June 1, 1937.

Approved May 18, 1937.

CHAPTER 179.

AN ACT to add twenty-seven new Sections to Article 41 of the
Annotated Code of Maryland (1924 Edition) title "Governor
—Executive and Administrative Departments", sub-title
"1. The Executive Department", said new Sections to be
known as Sections 13A, 13B, 13C, 13D, 13E, 13F, 13G, 13H,
131, 13J, 13K, 13L, 13M, 13N, 13O, 13P, 13Q, 13R, 13S, 1ST,
13U, 13V, 13W, 13X, 13Y, 13Z, and 13ZZ, and to follow im-
mediately after Section 13 of said Article, to make uniform
the procedure on interstate extradition.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That twenty-seven new Sections be, and the same are
hereby added to Article 41 of the Annotated Code of Maryland
(1924 Edition) title "Governor—Executive and Administrative
Departments", said new Sections to be known as Sections 13A,
13B, 13C, 13D, 13E, 13F, 13G, 13H, 131, 13J, 13K, 13L, 13M,
13N, 13O, 13P, 13Q, 13R, 13S, 13T, 13U, 13V, 13W, 13X, 13Y,
13Z and 13ZZ, to follow immediately after Section 13 of said
Article, and to read as follows:

13A. DEFINITIONS. The term "Executive Authority" in-
cludes the Governor, and any person performing the functions
of Governor in a state other than this state. The term "State",

 

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Session Laws, 1937
Volume 412, Page 307   View pdf image (33K)
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