450 LAWS OF MARYLAND [CH. 131

$100 of assessable property at the rate to be determined in the fol-
lowing manner: on or before December 1, 1962, and on or before
December 1 in each calendar year thereafter, the Board of Public
Works shall certify to the governing bodies of each of the Counties
and Baltimore City the rate of State tax on each $100 of assessable
property necessary to produce revenue to meet all interest and prin-
cipal which will be payable to the close of the next ensuing calendar
year on all certificates theretofore issued or theretofore authorized
by resolution of the Board of Public Works to be issued, and the
governing bodies of each of the Counties and Baltimore City shall
forthwith levy and collect such tax at such rate.

SEC. 7. And be it further enacted, That all matters committed by
this Act to the discretion of the Board of Public Works shall be
determined by a majority of said Board.

SEC. 8. And be it further enacted, That this Act shall take effect
June 1, 1962.

Approved April 6, 1962.

CHAPTER 131
(House Bill 36)

AN ACT to add new Sections 161MM to 161XX, inclusive, under
the new sub-heading "Maryland Savings-Share Guaranty Fund,
Inc. INSURANCE CORPORATION", to Article 23 of the An-
notated Code of Maryland (1957 Edition and 1961 Supplement),
title "Corporations, " subtitle "III. Particular Classes of Corpora-
tions, " to follow immediately after the sub-heading "Building or
Homestead Associations" and immediately after Section 161LL
thereof, and to repeal and re-enact with amendments Section 150
of said Article and sub-title (1957 Edition), sub-heading "Building
or Homestead Association" AND TO REPEAL AND RE-ENACT,
WITH AMENDMENTS, SECTION 9 (16) OF ARTICLE 81 OF
SAID CODE (1957 EDITION), TITLE "REVENUE AND
TAXES, " SUB-TITLE "WHAT SHALL BE TAXED AND
WHERE, " creating the Maryland Savings-Share Guaranty Fund,
Inc. INSURANCE CORPORATION, as a nonstock, non-profit
corporation to promote the elasticity and flexibility of the resources
of member associations, to provide for the liquidity of such associa-
tions through a central reserve fund, and to insure the free share
accounts of such associations; providing generally for the purposes,
powers, duties, and operations of this corporation; relating to the
confidentiality of certain information obtained under the sub-
heading "Building or Homestead Associations" of this Article;
providing that homestead or building associations incorporated
under the laws of this State, FEDERAL SAVINGS AND LOAN

EXPLANATION: Italics indicate new matter added to existing law.

[Brackets] indicate matter stricken from existing law.
CAPITALS indicate amendments to bill.
Strike out indicates matter stricken out of bill.