216                                        LAWS OF MARYLAND                                Ch. 144

disapproval, specifying therein, in what respects he finds the filing fails to meet the
requirements of this section and stating that the filing shall not become effective.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take
effect July 1, 1973.

Approved April 26, 1973.

CHAPTER 145
(House Bill 446)

AN ACT to repeal and re-enact, with amendments, Section 161P(a) of Article 23
of the Annotated Code of Maryland (1966 Replacement Volume), title,
"Corporations," subtitle "III. Particular Classes of Corporations," subheading
"Associations," to [[remove]] change the limitation on the amount of an
additional dividend an association may pay on certain free share accounts
provided the Board of Building, Savings and Loan Association Commissioners
permits such payment and such payment is made in compliance with the rules
and regulations of the Board.

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Section 161P(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 it is
hereby repealed and re-enacted, with amendments, to read as follows:

161P.

(a) Any association heretofore or hereafter formed under this article shall have
or issue only one kind or class of shares or stock and all the holders of such shares
or stock shall have equal rights as to voting, earnings and assets, and any
association heretofore or hereafter formed shall have power of accepting
subscriptions to and payments on account of any number of shares or stock
without limit and without other corporate action, notwithstanding any limitation
on the number of shares or stock authorized by the existing charter of such
association. Nothing herein shall be construed to prevent an association from
paying, from earnings, an additional dividend [not to exceed one percent (1%) per
annum,] NOT TO EXCEED ONE AND ONE HALF PER CENT (1-1/2%) PER
ANNUM over and above the dividend paid on all free share accounts, on all those
free share accounts which maintain a specified minimum amount for a specified
minimum period of time, provided that the Board by rule or regulation permits
such payment, and provided further that any such payment is made in compliance
with such rules and regulations as the Board may adopt from time to time. No
association shall agree to pay, except as hereinabove provided, on any free share
account, a rate or amount, including additional dividends, which is fixed.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take
effect July 1, 1973.

Approved April 26, 1973.