LAWS OF MARYLAND 331

respectively designated representatives, as to the assessment of any
property or any unit of tax value, or as to the increase, reduction, or
abatement of any such assessment, or as to the classification thereof,
for the next ensuing year. Except as provided in Section 29 (f) of
this article, no demand for a hearing shall be granted under this
subsection unless answer or protest to a notice as to assessments
was made, in the counties with the supervisor of assessments, or in
Baltimore City with the department of [assessment] assessments,
within twenty days from the date of such notice, or unless application
for revaluation or reclassification as to an existing or proposed assess-
ment was made in the counties with the supervisor of assessments
before the date of finality for the taxable year in question, or in
Baltimore City with the department of assessments before July first
preceding the taxable year in question.

SEC. 2. And be it further enacted, That this Act shall take effect
June 1, 1962.

Approved March 23, 1962.

CHAPTER 83
(House Bill 50)

AN ACT to add Section 280 (s) to Article 81 of the Annotated
Code of Maryland (1957 Edition and 1961 Supplement), title
"Revenue and Taxes, " sub-title "Income Tax, " to follow immedi-
ately after Section 280 (r) thereof, amending the income tax
laws in order to provide under certain conditions that dividends
or interest from a buildings, savings and loan or homestead as-
sociation are excluded from taxable income thereunder, and
further providing for the time at which such dividends or in-
terest are part of gross income under the income tax laws.

SECTION 1. Be it enacted by the General Assembly of Maryland,
That Section 280 (s) be and it is hereby added to Article 81 of the
Annotated Code of Maryland (1957 Edition and 1961 Supplement),
title "Revenue and Taxes, " sub-title "Income Tax, " to foliar im-
mediately after Section 280 (r) thereof, and to read as follows:

280.

(s) For all calendar years beginning after December 31, 1960,
dividends or interest from a buildings, savings and loan or home-
stead association (as that term is described in Section 160B or in
Section 161B of Article 23 of this Code, 1961 Supplement as may
be amended from time to time, whichever may be in effect) credited
to the accounts of shareholders and members therein and not with-
drawn from the association, if the association has been held by a
court to be insolvent and has been placed in the hands of a receiver.
In the taxable year in which the receivership proceedings are termi-
nated and the shareholders or members receive their distribution
of the assets of the association, payments of such dividends or in-