J. MILLARD TAWES, Governor 451

ASSOCIATIONS AND FOREIGN SAVINGS AND LOAN ASSO-
CIATIONS DULY AUTHORIZED TO DO BUSINESS IN THIS
STATE may become members of this corporation, make certain
transactions with the corporation, and comply with the conditions
of membership and credit of the corporation; PROVIDING FOR
A TAX EXEMPTION FOR CERTAIN OBLIGATIONS OF THE
MARYLAND SAVINGS-SHARE INSURANCE CORPORATION
and relating generally to the insuring of free share accounts in
certain savings and loan associations in this State and to the
corporation herein created for that purpose.

SECTION 1. Be it enacted by the General Assembly of Maryland,
that new Sections 161MM to 161XX, inclusive, under the new sub-
heading "Maryland Savings-Share Guaranty Fund, Inc. INSURANCE
CORPORATION," be and they are hereby added to Article 23 of the
Annotated Code of Maryland (1957 Edition and 1961 Supplement),
title "Corporations," sub-title "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 read as follows:

MARYLAND SAVINGS-SHARE GUARANTY FUND, INC.
INSURANCE CORPORATION

161 MM. A non-stock, non-profit Corporation is created, which
shall be known as the Maryland Savings-Share Guaranty Fund, Inc.
INSURANCE CORPORATION, and the members of which shall be
certain eligible savings and loan associations of this State, AS DE-
FINED IN SECTION 161WW (4) OF THIS SUB-TITLE. Except as
otherwise provided in this sub-heading, the Corporation possesses all
the powers, privileges, and immunities which now are or hereafter
may be conferred on corporations by the general corporation law
applicable to corporations organized thereunder. The Board of
Directors may adopt and promulgate by-laws, rules, and regulations
which conform to the reasonable intent and purposes of this sub-
heading. The rules and regulations apply to members of the Corpora-
tion and to associations applying for membership therein. The by-
laws, rules, and regulations so adopted shall be filed with the Depart-
ment of Assessments and Taxation.

161NN. (a) The purposes of the Corporation are to promote the
elasticity and flexibility of the resources of member associations,
to provide for the liquidity of such associations through a central
reserve fund, and to insure the free share accounts of such associa-
tions.

(b) In furtherance of said purposes the Corporation has the
following powers:

(i) To provide for the liquidity of member associations through
the creation of a central reserve fund for the purpose of making
loans to member associations.

(U) To insure the free share accounts of member associations
through the creation of a central insurance fund.

(iii) To borrow money and otherwise incur indebtedness for any
of its purposes; to issue its bonds, debentures, notes, or other em-