J, MILLARD TAWES, Governor                        733

Sec. 7. And be it further enacted, That this Act shall take effect
June 1, 1966.

Approved April 29, 1966.

CHAPTER 434
(House Bill 183)

AN ACT to repeal and re-enact, with amendments Sections 161M(a),
(b), and (f) of Article 23 of the Annotated Code of Maryland
(1965 Cumulative Supplement), title "Corporations," subtitle
"Building or Homestead Associations," authorizing the Board of
Building, Savings and Loan Association Commissioners to deter-
mine the minimum amount of subscriptions to free share accounts
any proposed new building and loan association shall be required
to have and to determine the minimum amount of the expense funds
any new proposed building and loan association is required to have
and providing for the forfeiture of a corporate charter of a build-
ing and loan association for nonuse when the association does not
actively engage in business for a continuous period of one hundred
eighty (180) days after it has once begun to do business, and relat-
ing to this authority in the procedure thereof.

Section 1. Be it enacted by the General Assembly of Maryland,
That Sections 161M(a), (b) and (f) of Article 23 of the Annotated
Code of Maryland (1965 Cumulative Supplement), title "Corpora-
tions," subtitle "Building or Homestead Associations," be and they
are hereby repealed and re-enacted, with amendments, to read as
follows:

161M.

(a) (1) Any number of natural persons, not less than five (5),
who shall be at least twenty-one (21) years of age, citizens of the
United States and bona fide residents of this State, may hereafter
associate as incorporators to establish an association under this article
upon the terms and conditions and subject to the liabilities prescribed
herein. The incorporators shall appoint one of their number as
chairman of the incorporators. The incorporators shall pay in cash
to such chairman as subscriptions to free share accounts of the pro-
posed association, including that part of the original subscription
paid by such chairman, an aggregate amount, [determined by the
location of the principal office of the proposed association, as follows:
A minimum sum of ten thousand dollars ($10,000.00) in cities, towns
or villages having up to fifteen thousand (15,000) inhabitants; a
minimum sum of twenty-five thousand dollars ($25,000.00) in cities,
towns or villages having more than fifteen thousand (15,000) but less
than one hundred thousand (100,000) inhabitants; a minimum sum
of fifty thousand dollars ($50,000.00) in cities, towns or villages hav-
ing one hundred thousand (100,000) or more inhabitants. The
number of inhabitants of the city, town or village shall be determined
by the Board in accordance with the latest federal census.] not less

than the amount as may be determined by the Board to be required

in order to conduct a safe and sound operation in the location of the
principal office of the proposed association. NOT LESS THAN ONE-