MARVIN MANDEL, Governor                               1811

(B) FORM.
THE SURETY BOND SHALL:

DIRECTOR;

(1) BE IN THE FORM APPROVED BY THE DIVISION

(2) NAME THE DIVISION DIRECTOR AS OBLIGEE;

(3)    GUARANTEE THE SAFEKEEPING OF THE INITIAL
SUBSCRIPTIONS AND CONTRIBUTIONS TO THE GENERAL RESERVE
FUND AND EXPENSE FUND AND THEIR DELIVERY TO THE SAVINGS
AND LOAN ASSOCIATION, AFTER ITS CERTIFICATE OF
INCORPORATION IS ISSUED; AND

(4)    GUARANTEE THE RETURN TO EACH SUBSCRIBER
OR HIS ASSIGNS OF HIS INITIAL SUBSCRIPTION, AND HIS
CONTRIBUTIONS TO THE GENERAL RESERVE FUND AND, LESS
REASONABLE EXPENSES, THE EXPENSE FUND, IF A CERTIFICATE
OF INCORPORATION IS NOT ISSUED.

REVISOR'S NOTE: This section is new language derived
without substantive change from Art. 23,
§161M(c).

The words "chairman," "division director," and
"savings and loan association" are defined in
§6-201 of this subtitle.

6-207. ARTICLES OF INCORPORATION—EXECUTION.

THE INCORPORATORS SHALL SIGN AND ACKNOWLEDGE TWO
COPIES OF ARTICLES OF INCORPORATION.

REVISOR'S NOTE: This section is new language derived
without substantive change from the first
clause of the first sentence of Art. 23,
§16lM(e)(1).

The requirement to execute the articles
"before any officer authorized to take
acknowledgments" is deleted as unnecessary.
For the general provisions which relate to
"acknowledgments," see Title 1, Subtitle 3 of
this article.

The provisions of present. §161M(e)(1) which
relate to filing for examination are included
in §6-208 of this subtitle.

Unlike the provisions for formation of banking
institutions, the present savings and loan
association provisions of Art. 23 of the Code
do not specify the required contents of