J. MILLARD TAWES, GOVERNOR 27

160GG. EXPENSES AND MEMORANDUM OF SETTLEMENT.

Every association may require borrowing members to pay all rea-
sonable expenses incurred in connection with the making, closing, dis-
bursing _y extending', readjusting, releasing or renewing of real estate
loans. At each and every settlement there shall be furnished to the
borrower a memorandum of settlement which shall show in detail
each and every charge made in connection with said settlement.
Nothing in this sub-title shall be construed as enlarging, changing,
modifying or amending the usury laws of this State.

160HH. FRANCHISE TAX.

Every federal and domestic association and foreign association
admitted to do business in this State shall pay annually for the use
of the State, in addition to any other tax imposed by law, a franchise
tax to the amount of one-one hundredths of one per cent (1/100 of
1%) of the aggregate withdra^val value of its free shares purchased
in the State of Maryland, said free shares to be totalled as of Decem-
ber 31 of each and every year, and shall certify the said amount due
to the State to the Comptroller of the Treasury as other state taxes.
Such tax shall be payable without interest at any time on or before
April 15 of each and every year, commencing on April 15, 1962, and
if such tax be not paid as above provided, then the said tax shall there-
after bear interest at the rate of one-half of one per cent (1/2 of 1%)
for each month or fraction of a month, and if such tax be not paid
before the first day of December following, a penalty of five per cent
(5%) on the amount thereof shall be added. Provided, however, that
if by reason of any law of any foreign jurisdiction an association
chartered in this State and doing business in such other jurisdiction
is required to pay a franchise tax to said foreign jurisdiction based
upon its free shares purchased in the State of Maryland, then the
tax imposed by this section shall be reduced to the extent of such
additional franchise tax so paid to said foreign jurisdiction.

160-11. EXEMPTION FROM BLUE SKY LAW.

The sale of free share accounts of any association doing business
in this State is hereby exempted from all provisions of law of this
State which provide for the supervision and regulation of the sale of
securities, and the sale of any such accounts shall be legal without
any action or approval whatsoever on the part of any official author-
ized to license, regulate, and supervise the sale of securities.

160JJ. SEVERABILITY.

If any provision of this sub-title or the application thereof to any
person or circumstance is held invalid, such invalidity shall not affect
the other provisions or any other application of this sub-title which
can be given effect without the invalid provisions or application, and
to this end, the provisions of this sub-title are declared to be severable.

160KK. CONFORMITY.

Sections 160A through 160KK of this Article shall be considered
as additions to all existing laws covering or affecting building, sav-
ings and loan or homestead associations, or associations using any
combination of these names, and shall replace and prevail over such