MARVIN MANDEL, Governor                               593

AN ACT concerning
Building, Savings and Loan Associations — Branch Offices

FOR the purpose of clarifying [[the authority of the
Director of the Division of Building, Savings and
Loan Associations to approve branch offices by
eliminating an inconsistent reference]] that the
appeal protesting the proposed approval of the
branch office shall be made to the Board of
Building, Savings and Loan Associations.

BY repealing and re-enacting, with amendments.

Article 23 - Corporations

Section 161V(a)

Annotated Code of Maryland

(1973 Replacement Volume and 1973 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Section 161V(a) of Article 23 -
Corporations, of the Annotated Code of Maryland (1973
Replacement Volume and 1973 Supplement) be and it is
hereby repealed and re—enacted, with amendments, to read
as follows:

Article 23 — Corporations
161V.

(a) No State chartered association shall
establish, maintain or relocate any branch office without
filing an application therefor with the Director and
securing his prior approval thereof. Each application
shall be accompanied by a fee of five hundred dollars
($500.00), to be collected by the Division. Any
application for the establishment, maintenance or
relocation of a branch office shall state: (1) the
proposed location thereof, (2) the need therefor, (3) the
functions to be performed therein, (4) the estimated
annual expense thereof, and (5) the mode of payment
therefor. Such application shall be approved by the
Director if he finds that the proposed establishment,
maintenance or relocation of a branch office will promote
the public interest, convenience and advantage and
whether such branch office will be efficiently operated
in accordance with the policy of this subtitle. The
Director shall publish the fact that such an application
has been filed for at least two (2) successive weeks
after filing in a newspaper of general circulation in the
city, town or county in which the proposed branch office
is to be located, and shall give such other notice as may