1260                           LAWS OF MARYLAND                      [CH. 622

Worcester County to the sale of alcoholic beverages not inconsistent
with the provisions of this subsection. All of said licensees shall
purchase all liquors and wines from the liquor control board for
Worcester County.

Sec. 2. And be it further enacted, That this Act is hereby declared
to be an emergency measure and necessary for the immediate pres-
ervation of the public health and safety, and having been passed by
a yea and nay vote supported by three-fifths of the Members elected
to each of the two Houses of the General Assembly, the same shall
take effect from the date of its passage.

Approved April 21, 1967.

CHAPTER 622
(House Bill 897)

AN ACT to add a new subparagraph to the provision defining and
setting certain requirements for capital building, savings, and
loan or homestead associations, adding a new subparagraph to
Article 23 of the Annotated Code of Maryland (1957 Edition, 1965
Replacement Volume) titled "Corporations," subtitled "Building
or Homestead Associations," the new subparagraph to be known
as subparagraph (h) of Section 161P, "Capital," and to follow
immediately after subparagraph (g) of Article 23, Section 161P,
and to provide that certain types of association capital stock status
did qualify as valid exceptions as of October 1, 1961 under sub-
paragraph (b) of the same Article and Section.

Section 1. Be it enacted by the General Assembly of Maryland,
That a new subparagraph to be known as 161P(h) be added to
Article 23 of the Annotated Code of Maryland (1957 Edition, 1965
Replacement Volume), the new section to follow immediately after
Section 161P(g) (5) thereof, and is to read as follows:

161P.

(h) Associations qualifying for the exceptions under 16lP(b),
above.

In addition to associations which in fact have sold at least fifty
thousand dollars ($50,000) aggregate amount of shares of guar-
anteed stock, and which had actually issued and placed in the hands
of individual stock holders these shares on or before October 1,1961
an association shall be deemed to have complied with the exception
provided in (b), above, to the extent that the association shall have
had as of October 1, 1961, actually contracted for the sale of and/or
made arrangements to sell guaranteed stock in such amounts that
its outstanding guaranteed stock plus guaranteed stock for which it
had contracted or made other arrangements to sell totaled in the
aggregate fifty thousand dollars ($50,000), and that in addition such
association had formally acknowledged such agreement to sell addi-
tional stock and had taken some action to recognize the transaction
either on its books, or in its minutes; and further that prior to