J. MILLARD TAWES, Governor                      759

CHAPTER 516
(House Bill 791)

AN ACT to repeal and re-enact, with amendments, Section 156 of
Article 23 of the Annotated Code of Maryland (1957 Edition),
title "Corporations," subtitle "Building or Homestead Associa-
tions," amending the law concerning the moving of branch offices
of certain foreign building, loan or homestead associations.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 156 of Article 23 of the Annotated Code of Maryland
(1957 Edition), title "Corporations," subtitle "Building or Home-
stead Associations," be and it is hereby repealed and re-enacted,
with amendments, to read as follows:

156.

No foreign building, loan or homestead association shall make
loans of any kind or transact any business of a building and loan
association within the State of Maryland until it has been admitted
to do business in the State of Maryland. Any foreign building, loan
or homestead association may be admitted to do business in the State
of Maryland upon the same terms and conditions, as to taxes, fines,
penalties, licenses, fees and deposits, as may be required of a Maryland
association in order to transact business in the state, territory or
District of Columbia in which such association, making application to
do business in Maryland, is incorporated or has its principal place of
business; and when so admitted shall conduct such business in accord-
ance with the laws governing domestic associations. Whenever any
deposit of money, securities or mortgages is required by such foreign
jurisdiction, such deposit shall be made with the Treasurer of Mary-
land and shall be held to satisfy the claims of residents of Maryland;
and such taxes, application fees, license fees or renewal fees as may
be required by such foreign jurisdictions shall be paid to the State
Tax Commission of Maryland, which, after receiving such papers,
including a power of attorney establishing a resident agent, as may
be required by such foreign jurisdiction, and being satisfied that any
deposit required by such foreign jurisdiction has been made, is
authorized to license such foreign association to do business in the
State of Maryland and to renew such license from year to year, or
from time to time, as may be required of a Maryland association
seeking to do business in such foreign jurisdiction. Any amendment
to any law in force at the effective date of this act relating to building
and loan associations by a foreign jurisdiction affecting the right, or
changing the taxes, fees or penalties required of a Maryland associa-
tion, to do business in such foreign jurisdiction shall be immediately
applied to any association of such foreign jurisdiction authorized to
do business in Maryland. In the event the State of Maryland creates
any board, commission or bureau to supervise or regulate domestic
associations, the duties herein delegated to the State Tax Commission
shall be assumed by such board, commission or bureau and such act
or acts shall apply, so far as applicable, to foreign associations
authorized to do business in Maryland. Provided that no foreign
building, loan or homestead association, or any such association which
maintains its principal office outside the State of Maryland, shall
hereafter open for business, nor maintain any branch office or offices