J. MILLARD TAWES, GOVERNOR                               211

accordance with the provisions of this Article. The corporation so
formed shall have no legal existence until all copies of the articles of
incorporation have been filed for record as herein directed. IN THE
EVENT OF A REFUSAL BY THE BOARD TO APPROVE AR-
TICLES OF INCORPORATION, THE BOARD SHALL GIVE A
WRITTEN STATEMENT SETTING FORTH THE BASIS FOR
THE REFUSAL.

(2) Upon final refusal to grant the proposed articles of incorpora-
tion, the chairman of the incorporators shall refund to the incorpo-
rators all funds deposited by them in accordance with this Section,
subject to the payment of all expenses. The Director shall release the
bond delivered to him in accordance with sub-section (c) hereof upon
satisfactory assurance of such payment and refund.

(f) Forfeiture of charter for non-use. Any association heretofore
formed which shall not actively engage in business by receiving
money for free share accounts or making mortgage loans within
ninety (90) days after the effective date of this Section, and any
association hereafter formed which shall not actively engage in busi-
ness by receiving money for free share accounts or making mortgage
loans within ninety (90) days after the date upon which its legal
corporate existence shall begin, shall forfeit its corporate charter
for non-use, upon entry of an order, in accordance with Section 161H
of this Article, finding no just cause for failure so actively to engage
in business and directing the association to cease and dissolve its
business. A copy of such order shall, upon finality, be certified to
the State Department of Assessments and Taxation and, from the
time of receipt by said Department, the powers conferred by law
upon the association shall be inoperative, null and void.

161N. INDICATION OF A BUILDING OR HOMESTEAD AS-
SOCIATION.

(a)  Name indicating association. The name of the corporation
shall be such as to indicate that it is a building, savings and loan or
homestead association. This provision shall be deemed to be com-
plied with if the name contains the words "sayings association",
"building association", "savings and loan association", "building and
loan association", "building and homestead association" or any com-
bination of these words. The name need not be such as to indicate
that it is a corporation.

(b)  Conformity. Only those building, savings and loan or home-
stead associations which conform to the provisions of this Article
shall be entitled to call themselves sayings associations, building as-
sociations, savings and loan associations, building and loan associa-
tions, building and homestead associations or any combination of
said words.

161-O. CHARTER AMENDMENT.

Any amendment to the charter pursuant to Sections 10 through 13
of this Article shall be executed and filed with the Board in accord-
ance with the procedures set forth in sub-section 161M[d] (e) of this
Article for the filing of articles of incorporation, except that the
provision requiring newspaper publication of the fact of filing shall
not apply. The fee for filing articles of amendment with the Board
shall be ten dollars ($10.00), to be collected by the Board.