Ch. 768                            MARVIN MANDEL, Governor                                 1601

CHAPTER 768
(House Bill 355)

AN ACT to repeal and re-enact, with amendments, Sections 161M(e) and l61V(a)
of Article 23 of the Annotated Code of Maryland (1966 Replacement Volume),
title "Corporations." subtitle "III. Particular Classes of Corporations,"
subheading "Associations," to increase the fee for filing articles of incorporation
with the Board of Building, Savings and Loan Association Commissioners; to
require a fee for filing an application by a state chartered association to
establish, maintain or relocate a branch office; and to remove certain
unnecessary language relating to domestic federally chartered associations and
their branch offices.

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Sections 161M(e) and 161V(a) of Article 23 of the Annotated
Code of Maryland (1966 Replacement Volume), title "Corporations," subtitle
"III. Particular Classes of Corporations," subheading "Associations," be and they
are hereby repealed and re-enacted, with amendments, to read as follows;

161M.
(e)

(1) The articles of incorporation shall be executed in duplicate by the persons
joining therein before any officer authorized to take acknowledgments, and then
filed with the Board for examination. The fee for filing such articles of
incorporation with the Board shall be (one hundred dollars ($100.00)]
[[FIFTEEN HUNDRED DOLLARS ($1500.00)]] SEVEN HUNDRED FIFTY
DOLLARS ($750.00). to be collected by the Board. The Board shall publish the
fact that such application has been made for at least two (2) successive weeks after
its filing, in a newspaper of general circulation in the city, town or county in which
the principal office of the proposed association is to be located, and shall set a
time for a public hearing on such application which shall be held no later than
thirty (30) days after the date of the filing of such articles for examination. At such
hearing the Board shall ascertain from the best sources of information at its
command whether the character, responsibility and general fitness of the persons
named in such articles are such as to command confidence and warrant belief that
the business of the proposed association will be honestly and efficiently conducted
in accordance with the intent and purposes of this subtitle and whether the public
interest, convenience and advantage will be promoted by allowing such proposed
association to engage in business. The Board shall have the power to require such
changes in the articles filed for application as it deems necessary. Within sixty (60)
days after the date of the filing of such articles for examination, and after the
public hearing referred to in this subsection has been held, the Board shall pass an
order approving or refusing the application, and such order may be subject to an
appeal by the applicant or any person feeling himself aggrieved by the passage of
such order, in accordance with the provisions and conditions of § 161H of this
subtitle. When the time for filing an appeal to such an order referred to in this
subsection has expired, the Board shall endorse upon each copy of the articles filed
for examination, over its official signature, the word "approved" or the word
"refused" with the date of such endorsement. In case of refusal it shall return one
of the copies so endorsed to the chairman of the proposed incorporators. In case of
approval, one copy so endorsed shall be retained by the Board; the remaining copy
so endorsed shall be returned to the chairman aforesaid who shall file that copy
with the State Department of Assessments and Taxation in accordance with the
provisions of this article. The corporation so formed shall have no legal existence
until all copies of the articles of incorporation have been filed for record as herein