1806

LAWS OF MARYLAND

[Ch. 311

"DIVISION DIRECTOR" MEANS THE DIRECTOR OF THE
DIVISION OF BUILDING, SAVINGS AND LOAN ASSOCIATIONS.

REVISOR'S NOTE: This subsection is new language
added here to avoid unnecessary repetition.
For the general provisions which relate to the
division director, see Art. 23, §161G of the
Code.

(F)   FEDERAL SAVINGS AND LOAN ASSOCIATION.

"FEDERAL SAVINGS AND LOAN ASSOCIATION" MEANS A
CORPORATION CHARTERED AS A FEDERAL SAVINGS AND LOAN
ASSOCIATION UNDER THE HOME OWNERS' LOAN ACT OF 1933.

REVISOR'S NOTE: This subsection is new language
derived from Art. 23, §161B(c) and added here
to avoid unnecessary repetition.

The provisions of present §161B(c) which
relate to the applicability of Art. 23 and
this subtitle to federal savings and loan
associations and their members are retained in
Art. 23, §161B for eventual allocation to the
Business Regulation Article.

(G)   SAVINGS AND LOAN ASSOCIATION.

"SAVINGS AND LOAN ASSOCIATION" INCLUDES ANY BUILDING
ASSOCIATION, SAVINGS ASSOCIATION, SAVINGS AND LOAN
ASSOCIATION, BUILDING AND LOAN ASSOCIATION, BUILDING AND
HOMESTEAD ASSOCIATION, OR OTHER SIMILAR CORPORATION WHICH
HAS A CHARTER AS A SAVINGS AND LOAN ASSOCIATION UNDER THE
PROVISIONS OF THIS SUBTITLE OR ANY PRIOR PUBLIC GENERAL
LAW OR PRIOR SPECIAL ACT OF THE STATE AND WHICH IS
SUBJECT TO THE PROVISIONS OF THIS SUBTITLE.

REVISOR'S NOTE: This subsection is new language
derived from Art. 23, §§16lB(a) and (b) and
161N.

There are numerous terms which denote a
corporation formed under this subtitle. The
source law alternates between the words
"association" and "building, savings and loan
or homestead association." The term
"building, savings and loan or homestead
association" is unnecessarily long and, under
§6—218 of this subtitle, not all—inclusive.
Therefore, throughout this subtitle, the term
"savings and loan association" is used,
although the Commission notes that the term
"association" is somewhat misleading since,
under 66—213(c) (1) of this subtitle, certain