Ch. 149 LAWS OF MARYLAND

(2) EXERCISE ANY VOTING RIGHTS IN A CREDIT UNION.

[(c)] (D) Any person who violates any provision of this section is subject to
forfeiture of that person's office or employment.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take
effect July 1, 1990.

Approved April 24, 1990.

CHAPTER 149
(House Bill 284)

AN ACT concerning

Savings and Loan Associations

FOR the purpose of requiring all Maryland-chartered savings and loan associations to
obtain federal charters by a certain date; prohibiting the chartering of any new
Maryland-chartered thrifts on and after a certain date; providing certain
exceptions to that prohibition; amending the Regional Reciprocal Interstate
Savings and Loan Acquisitions Law to prohibit out-of-state state-chartered
thrifts from operating deposit taking offices in Maryland on and after a certain
date; and generally relating to savings and loan associations.

BY adding to

Article - Financial Institutions

Section 9-208.1, 9-918, 9-1003(e), and 9-1004(e)

Annotated Code of Maryland

(1986 Replacement Volume and 1989 Supplement)

BY repealing and reenacting, with amendments,
Article - Financial Institutions
Section 9-618, 9-1005(c), and 9-1009
Annotated Code of Maryland
(1986 Replacement Volume and 1989 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Financial Institutions

9-208.1.

(A) EXCEPT AS PROVIDED IN SUBSECTION (B) OF THIS SECTION,
THE DIVISION DIRECTOR MAY NOT APPROVE ANY APPLICATIONS
SEEKING INCORPORATION OF A NEWLY FORMED SAVINGS AND LOAN

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