Ch. 413                           MARVIN MANDEL, Governor                               869

DISAPPROVED THE PAYMENT, OR (2) THE COMMISSIONER HAS
APPROVED THE PAYMENT WITHIN THE THIRTY-DAY PERIOD.

(B)    FOR THE PURPOSE OF THIS SECTION, EXTRAORDINARY
DIVIDEND OR DISTRIBUTION INCLUDES ANY DIVIDEND OR
DISTRIBUTION OF CASH OR OTHER PROPERTY. WHOSE FAIR
MARKET VALUE TOGETHER WITH THAT OF OTHER DIVIDENDS OR
DISTRIBUTIONS MADE WITHIN THE PRECEDING TWELVE MONTHS
EXCEED THE GREATER OF:

(1)       TEN (10) PERCENT OF THE INSURER'S SURPLUS AS
REGARDS POLICYHOLDERS AS OF THE 31ST DAY OF DECEMBER
NEXT PRECEDING, OR

(2)   THE NET GAIN FROM OPERATION OF THE INSURER, IF THE
INSURER IS A LIFE INSURER, OR THE NET INVESTMENT INCOME,
IF THE INSURER IS NOT A LIFE INSURER, FOR THE TWELVE
MONTH PERIOD ENDING THE 31ST DAY OF DECEMBER NEXT
PRECEDING, BUT SHALL NOT INCLUDE PRO RATA DISTRIBUTIONS
OF ANY CLASS OF THE INSURER'S OWN SECURITIES.

(C)   NOTWITHSTANDING ANY OTHER PROVISION OF LAW, AN
[[INSURER]] INSURANCE COMPANY SUBJECT TO A REGISTRATION
UNDER SECTION 495 MAY DECLARE AN EXTRAORDINARY
DIVIDEND OR DISTRIBUTION CONDITIONAL UPON THE
COMMISSIONER'S APPROVAL THEREOF, AND THE DECLARATION
CONFERS NO RIGHTS UPON SHAREHOLDERS UNTIL:

(1)   THE COMMISSIONER HAS APPROVED THE PAYMENT OF
THE DIVIDEND OR DISTRIBUTION, OR

(2)        THE COMMISSIONER HAS NOT DISAPPROVED THE
PAYMENT WITHIN THE THIRTY-DAY PERIOD REFERRED TO ABOVE.

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

Approved May 21, 1973.

CHAPTER 413
(Senate Bill 556)

AN ACT to repeal and re-enact, with amendments, Section 97 of Article 77 of the
Annotated Code of Maryland ([[1969 Replacement Volume and]] 1972
Supplement), title "Public Education," subtitle "Chapter 6. The Public
Schools," to provide that at certain times the several local school boards of the
State may provide for day care programs in their schools, to letter as
appropriate, to clarify the language and punctuation therein and to generally
relate to day care programs in the public schools and to the implementation and
costs involved.

WHEREAS, As the labor force of Maryland adds to its ranks ever increasing
numbers of working mothers whose children attend school, there arises an ever
increasing need to make some provision for the care of these children both before