Marvin Mandel, Governor                         849

of appointment of the Director, or, in the case of vacancy,] within
fifteen (15) days of the occurrence of [said] any vacancy.

(3) The Board shall have full power to:

(i) Advise and make recommendations to the Director on all and
any questions within the scope of authority of the Director;

(ii) Submit to the [Governor] Secretary of Licensing and Regu-
lation proposed amendments to the building, savings and loan as-
sociation laws of Maryland which it deems desirable;

(iii) Establish methods and standards (1) to be used in making
examinations of associations, (2) for the valuation of assets of as-
sociations and (3) for advertising and promotional activities by
associations;

(iv) To make, adopt, modify and amend such rules and regula-
tions as may be reasonable and necessary to carry out the pro-
visions of this article, and to define any terms used therein as they
may relate to or affect associations.

(v) To authorize and empower, subject to its regulations and
approval and notwithstanding any other provisions of the laws of
Maryland, an association chartered under this subtitle to raise capi-
tal under the same conditions, limitations, restrictions and safe-
guards as are now or shall hereafter be applicable or permitted
under federal law to any federally chartered savings and loan as-
sociation; provided, however, that this authorization shall only be-
come available to State-chartered associations after the approval
of the Board.

161G.

(a) [The Department of Buildings, Savings and Loan Associa-
tions is hereby established.] The Division of Building, Savings and
Loan Associations is established and continued as the same Depart-
ment of Building, Savings and Loan Associations hitherto existing.
The Division of Building, Savings and Loan Associations shall be
part of the Department of Licensing and Regulation. All references
in this Code, in any other laws of this State, or in ordinances,
resolutions, rules, regulations, legal actions, directives or documents
to the Department of Building, Savings and Loan Associations shall
be .deemed to mean the Division of Building, Savings and Loan As-
sociations. From and after July 1, 1970, all rights, powers, duties,
obligations and functions heretofore conferred upon or exercised by
the Department of Building, Savings and Loan Associations shall
be transferred to and be exercised by the Division of Building,
Savings and Loan Associations, subject to the 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. The head of the
[Department] Division with general powers of administration, shall
be the Director, who shall be appointed by the Secretary of Licensing
and Regulation, with the approval of the Governor [as of the first
day of July, 1961, and each sixth (6th) year thereafter] from the
list of five (5) persons submitted to [him] the Secretary of
Licensing and Regulation by the Board pursuant to Section 161E
of this article. Each of the persons named on such list shall have
at least five (5) years' experience as an officer, director or attorney