1376                                    LAWS OF MARYLAND                              Ch. 658

462.

THE CORPORATION IS EXEMPT FROM ALL SPECIAL AND
ORDINARY TAXES AND DOCUMENTARY STAMP AND TRANSFER
TAXES IMPOSED BY THIS STATE OR ANY POLITICAL SUBDIVISION
THEREOF, INCLUDING THE TAX IMPOSED UNDER THE SUBTITLE
"INCOME TAX" OF ARTICLE 81 OF THIS CODE, AS AMENDED FROM
TIME TO TIME.

463.

ALL APPLICATIONS FROM ASSOCIATIONS FOR MEMBERSHIP
RECEIVED BY THE CORPORATION PRIOR TO AUGUST 1, 1974, SHALL
BE REFERRED TO THE SUPERVISOR. THE SUPERVISOR SHALL
EXAMINE THE AFFAIRS OF ALL APPLICANTS AND IF HE FINDS THE
APPLICANTS MEET THE QUALIFICATIONS FOR MEMBERSHIP IN
THE CORPORATION SET FORTH HEREIN UNDER SECTION 454, HE
SHALL SO CERTIFY THEM.

THE CORPORATION SHALL NOT EXTEND THE BENEFITS TO BE
ACCORDED TO MEMBER ASSOCIATIONS TO ANY APPLICANT,
UNTIL:

(1)   IT HAS RECEIVED THE REPORT AND RECOMMENDATION AS
PROVIDED HEREIN FROM THE SUPERVISOR AS TO EACH SUCH
APPLICATION SO FILED PRIOR TO AUGUST 1, 1974, AND HAS ACTED
THEREON; AND

(2)    IT HAS ACCEPTED FOR MEMBERSHIP A MINIMUM OF
ASSOCIATIONS, HAVING CREDIT ACCOUNTS IN THE AGGREGATE
TOTAL OF AT LEAST $20,000,000.

464.

AFTER THE FIRST MEETING OF THE BOARD OF DIRECTORS, A
CERTIFICATE SHALL BE FILED BY THE BOARD OF DIRECTORS
WITH THE DEPARTMENT OF ASSESSMENTS AND TAXATION,
CERTIFYING THAT THE CORPORATION HAS COMMENCED
BUSINESS AS PROVIDED HEREIN; AND THE CERTIFICATE IS
CONCLUSIVE EVIDENCE THAT BUSINESS WAS BEGUN.

465.

IF THE CORPORATION FAILS TO INSURE ANY CREDIT
ACCOUNTS BY JULY 1, 1975, ITS EXISTENCE TERMINATES AT THAT
TIME, AND WITHOUT FURTHER ACTION BY THE GENERAL
ASSEMBLY AND THE GOVERNOR OF MARYLAND THE PROVISIONS
OF THIS SUBHEADING THEN ARE NULL AND VOID.

SECTION 3. AND BE IT FURTHER ENACTED, That this Act shall take
effect July 1, 1974.

Approved May 24, 1973.