SPIRO T. AGNEW, Governor                      1355

as is prescribed by the act of Congress and the rules and regulations
promulgated thereon by the federal home loan bank board, as shall
make it a federal savings and loan association, and as such entitled
to all the privileges and powers contained in the act of Congress
providing for the formation and organization of such federal
corporations, and within sixty days after receipt of its federal
charter there shall be filed in the office of the clerk of the court in
the county or counties, or in the City of Baltimore in the office of
the clerk of the Superior Court, in which said State association
had been conducting its business and operation, and in the office of
the [State Tax Commission] Department duly certified copies of its
charter.

[(d) Validation of certain conversions.—All conversions, in-
cluding sale and exchange of assets under Sections 65, 66, 68, 69, 70,
72 and 73 heretofore made by building, homestead and loan as-
sociations in this State are hereby validated and declared to be of
the same effect as if said conversions, including sale and exchange
of assets, had been effected under the provisions of this section.]

[(e) (d) Effect on taxation or doing business.—For purposes
of taxation or doing business within this State, any association
[or corporation] availing itself of the privileges of this section shall
be regarded as a domestic corporation of this State, and its prop-
erty, shares and assets shall be taxed in the same manner and to
the same extent as the property, shares and assets of domestic
[homestead and building] associations of this State, and shall in
every other respect be regarded as a domestic corporation of this
State.

160. Association may forego payment of dividends on "Christ-
mas," etc., funds and pay on others.

It shall be lawful for any [building association, land company,
homestead association, or other] association formed under this sub-
title to forego the payment of dividends from time to time on their
"Christmas" and/or "vacation club" funds in account with them,
but said [building association, land company, homestead] associa-
tion or other association formed as above mentioned may pay div-
idends on other funds in account with them during the same div-
idend period.

161. Insolvency, liquidation, etc., of certain insured associations.

Any [building or homestead] association, [building and loan as-
sociation, savings and loan association or company, or other home
financing organization by whatever name and style designated,]
the free shares of which are insured or otherwise guaranteed by
the Federal Savings and Loan Insurance Corporation, or its suc-
cessor agency as designated by the government of the United States,
shall be subject to the provisions of this section. In the event that
any such association [, company or organization] shall have been
adjudicated as insolvent in that its assets are less than its obligations
to its creditors and others, including its shareholders by any court
of competent jurisdiction, or in the event that, under order of any
court of competent jurisdiction such association [, company or or-
ganization] shall be subject to liquidation, reorganization, consoli-
dation or merger, the Federal Savings and Loan Insurance Cor-
poration, or its successor agency, shall have the absolute right to