Marvin Mandel, Governor                         847

sioner or his duly authorized representative may at any time investi-
gate the business and examine the books, accounts, papers, and
records used therein, of (1) any licensee, (2) any other person
engaged in the business described in this subtitle or participating in
such business as principal, agent, subagent or otherwise, and (3)
any person whom the Commissioner has reasonable cause to believe
is violating any provision of this subtitle, whether or not such per-
son shall claim to be within the authority or beyond the scope of this
subtitle. If such investigation discloses the person investigated is
violating the provisions of this subtitle, the Commissioner may report
such violation to the [Governor of this State] Secretary of Licensing
and Regulation, who may [direct] request that the Attorney Gen-
eral [to] institute a proper proceeding for the prosecution of such
violation.

Sec. 5. And be it further enacted by the General Assembly of
Maryland, That Sections 161E (a), 161E (b), 161E (e), 161G (a),
161-I (a) and 161-I (b) of Article 23 of the Annotated Code of
Maryland (1957 Edition, 1966 Replacement Volume, 1969 Supple-
ment), title "Corporations," subtitle, "Part III Particular Classes
of Corporations," subheading "Building or Homestead Associations"
are hereby repealed and reenacted, with amendments, to read as
follows:

161E.

(a)  The Board pi Building, Savings and Loan Association Com-
missioners (referred to herein as the "Board") is hereby created
as a part of the Department of Licensing and Regulation with the
powers and duties specified in this subtitle and with such powers as
may be necessary and proper to the full and effectual execution of
the purposes of this article relative to associations. The exercise or
performance of all powers, authority, duties and functions vested
in the Board by the provisions of this subtitle, shall be subject to the
power and authority of the Secretary of Licensing and Regulation
as set forth in Article 41 of this Code, or elsewhere in the laws of
this State.

161E.

(b)  The Board of Building, Savings and Loan Association Com-
missioners shall consist of [seven (7)] nine (9) members who shall
be appointed by the Governor, with the advice of the Secretary of
Licensing and Regulation and with the advice and consent of the
Senate. Each of the members shall have been a resident and regis-
tered voter of the State of Maryland for at least five years next
preceding his appointment. [Four] Five (5) of the members shall
have been engaged as officers or directors of, or attorneys for, a
building association, the principal place of business of which is
located in this State, for at least five years next preceding their
respective appointments; said persons are hereinafter referred to as
industry members. Three (3) of such industry members shall have
been actively engaged as officers or directors of, or attorneys for,
a building association chartered or incorporated under the laws of
the State of Maryland, free share accounts of which are not insured
by an instrumentality of the United States government. [One (1)]
Two (2) of such industry members shall have been actively engaged