J. MILLARD TAWES, GOVERNOR                               217

venience and advantage. The Director shall publish the fact that a
plan has been filed for at least two (2) successive weeks after filing
in a newspaper of general circulation in the city, town or county
in which the principal office of each association named in the plan
is located, and shall give such other notice as may be desirable. Upon
approval of any plan aforesaid, the Director shall certify as ap-
proved any documents required by this Article to be filed with the
State Department of Assessments and Taxation.

(b) Appeal. Any applicant or protesting association aggrieved by
any action or non-action of the Director under this Section may ap-
peal therefrom in accordance with the appeal provisions of Section
161H relating to orders.

161V. BRANCH OFFICES.

(a) Approval by Director. No domestic FEDERALLY OR STATE
CHARTERED association shall establish, maintain or relocate any
branch office without filing an application therefor with the Director
and securing his prior approval thereof. Any application for the
establishment, maintenance or relocation of a branch office shall
state: (1) the proposed location thereof, (2) the need therefor, (3)
the functions to be performed therein, (4) the estimated annual ex-
pense thereof, and (5) the mode of payment therefor. Such applica-
tion shall be approved by the Director if he finds that the proposed
establishment, maintenance or relocation of a branch office will pro-
mote the public interest, convenience and advantage and whether
such branch office will be efficiently operated in accordance with
the policy of this sub-title. The Director shall publish the fact that
such an application has been filed for at least two (2) successive weeks
after filing in a newspaper of general circulation in the city, town or
county in which the proposed branch office is to be located, and shall
give such other notice as may be desirable. ANY FINANCIAL IN-
STITUTION IN THE AREA IN WHICH A BRANCH OFFICE
IS PROPOSED TO BE LOCATED SHALL HAVE THE RIGHT
TO PROTEST THE PROPOSED APPROVAL BY THE BOARD
AND SHALL HAVE THE RIGHT TO BE HEARD ON SUCH PRO-
TEST.

(b)  Appeal. Any applicant or protesting association aggrieved by
any action or non-action of the Director under this Section may ap-
peal therefrom in accordance with the appeal provisions of Section
161H relating to orders.

161W. PROHIBITED TRANSACTIONS.

(a)  Loan to officer, director or employee. It shall be unlawful for
any association to make a loan to any of its officers, directors or
employees, or to any corporation or business in which any officer,
director or employee, or any member of the family of such officer,
director or employee, owns an interest of ten per cent (10%) or
more, except upon the security of the home or free share accounts
in the association of such officer, director or employee, provided that
any such loan secured by any free share accounts shall not exceed
ninety per cent (90%) of the withdrawal value thereof.

(b)  Exception. An association may make a loan prohibited by
sub-section (a) hereof provided the loan is: (1) approved by a two-