Ch. 736                            MARVIN MANDEL, Governor                                 1543

accounts during the time that said associations remain under the jurisdiction of
said courts.

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Section 150A of Article 23 of the Annotated Code of
Maryland (1966 Replacement Volume and 1972 Interim Supplement), title
"Corporations," subtitle "Particular Classes of Corporations," subheading
"Associations," be and it is hereby repealed and re-enacted, with amendments, to
read as follows:

150A.

On and after July 1, 1973, all free share accounts of associations in this State
shall be insured by the Federal Savings and Loan Insurance Corporation or the
Maryland Savings-Share Insurance Corporation to the maximum limit prescribed
by law.

Any existing association subject to the provisions of this section which desires
and intends to continue in the building, savings and loan business shall, on or
before July 1, 1972, file with the Director of the Division of Building, Savings and
Loan Associations notice of its intention to apply to the Federal Savings and Loan
Insurance Corporation for insurance of accounts or to apply for membership in
Maryland Savings-Share Insurance Corporation; and on or before October 1,
1972, file an application with the Federal Savings and Loan Insurance Corporation
for insurance of accounts or an application for membership in the Maryland
Savings-Share Insurance Corporation and copies of said applications must be filed
with the Director of the Division of Building, Savings and Loan Associations.

Any association failing to file its notice of intention to apply for insurance of
accounts with the Federal Savings and Loan Insurance corporation or membership
in the Maryland Savings-Share Insurance Corporation on or before July 1, 1972,
or having so filed fails to file an application with the Federal Savings and Loan
Insurance Corporation or the Maryland Savings-Share Insurance Corporation on
or before October 1, 1972, shall be deemed to have elected to liquidate, merge with
an insured association or convert into an ordinary business corporation and it must
file such plan or plans with the Director of the Division of Building, Savings and
Loan Associations on or before October 1, 1972, and notify, within thirty (30) days
of October 1, 1972, by mail, on a form approved by the Director of the Division of
Building, Savings and Loan Associations, all shareholders of said association of
the failure of the Association to become insured and of the future plans of said
association.

PROVIDED, HOWEVER, NO ASSOCIATION OPERATING UNDER
THE JURISDICTION OF ONE OF THE CIRCUIT COURTS OF THIS
STATE, EITHER IN RECEIVERSHIP, CONSERVATORSHIP,
REORGANIZATION, OR ANY LEGAL PROCEEDING WHEREIN THE
CIRCUIT COURT HAS ASSUMED JURISDICTION, SHALL BE
REQUIRED TO HAVE APPLIED FOR OR RECEIVED INSURANCE OF
ACCOUNTS OR MEMBERSHIP IN THE MARYLAND SAVINGS-SHARE
INSURANCE CORPORATION ON OR BEFORE JULY 1, 1972, AND
SHALL NOT BE SUBJECT TO THE PROVISIONS OF THIS SECTION
150A. ANY OF SAID ASSOCIATIONS SHALL BE PERMITTED TO
APPLY FOR INSURANCE OF ACCOUNTS OR MEMBERSHIP AT ANY
TIME SUBJECT TO APPROVAL BY THE CIRCUIT COURT HAVING
JURISDICTION THEREOF, AND SAID APPLICATION FOR
MEMBERSHIP OR INSURANCE OF ACCOUNTS SHALL BE
PROCESSED BY THE APPROPRIATE AGENCIES.