Marvin Mandel, Governor                         607

fund shall belong to the corporation and shall be held to meet contin-
gencies rising through losses in loans, etc., and shall not be distributed
to members, except upon dissolution of the corporation. When the

reserve funds shall equal 10% of the [amount paid in on shares by

members] total outstanding loans to members, only such amount of

the annual net income shall thereafter be transferred to the reserve

fund as shall be necessary to maintain such reserve fund at such

percentage of the amount of shares paid in, after losses have been

duly charged against the fund. WHEN THE RESERVE FUND
EQUALS THE GREATER OF EITHER 10% OF THE AMOUNT
PAID IN ON SHARES BY MEMBERS OR 10% OF THE
TOTAL AMOUNT OF OUTSTANDING LOANS TO MEMBERS,
THERE SHALL BE TRANSFERRED THEREAFTER TO THE
RESERVE FUND ONLY THE AMOUNT NECESSARY TO
MAINTAIN THE RESERVE FUND AT THE GREATER OF
EITHER 10% OF THE AMOUNT PAID IN ON SHARES BY
MEMBERS, OR 10% OF THE TOTAL AMOUNT OF OUT-
STANDING LOANS TO MEMBERS, AFTER LOSSES HAVE
BEEN CHARGED AGAINST THE FUND.

Sec. 2. And be it further enacted, That this Act shall take effect
July 1, 1971.

Approved April 29, 1971

CHAPTER 295
(House Bill 377)

AN ACT to add new Section 36A to Article 26 of the Annotated Code
of Maryland (1966 Replacement Volume and 1970 Supplement),
title "Courts," subtitle "Circuit Courts for the Counties—Court
Stenographers," to follow immediately after Section 36 thereof,
providing for the appointment of certain court personnel by the
senior resident judge of Talbot County and allowing him to estab-
lish their salaries subject to review by the County Commissioners.

Section 1. Be it enacted by the General Assembly of Maryland,
That new Section 36A be and it is hereby added to Article 26 of the
Annotated Code of Maryland (1966 Replacement Volume and 1970
Supplement), title "Courts," subtitle "Circuit Courts for the Coun-
ties—Court Stenographers," to follow immediately after Section 36
thereof, and to read as follows:

36A.

The senior resident judge of the second judicial circuit residing in
Talbot County shall be responsible for the employment, discharge,
and classification of court personnel whose performance of duties is
primarily restricted to the courtroom or the judge's chambers and
shall include but not be limited to his secretary, law clerk, bailiff,
crier, and court stenographer. On or before the first day of Febru-
ary of each year, he shall determine the compensation for these
personnel and shall submit their proposed salaries to the Talbot