1812

LAWS OF MARYLAND

[Ch. 311

articles of incorporation. However, in County
Federal Savings and Loan Association v.
Equitable Savings and Loan Association, 261
Md. 246, 260 (1970), the Court of Appeals, in
interpreting provisions of Art. 23, §161V with
respect to establishment branches, stated
"...We recognize that the Act was drafted to
supplement the general corporation law of
Maryland, which is, therefore, the
determinative law as to the corporate powers
of savings and loan associations, unless
specifically modified by the Act...." The
general corporation law provisions with
respect to articles of incorporation are
included now in Title 2 of this article.

6-208. ARTICLES OF INCORPORATION - FILING FOR
EXAMINATION AND HEARING.

(A)   FILING FOR EXAMINATION; FEE.

THE INCORPORATORS SHALL FILE BOTH COPIES OF ARTICLES
OF INCORPORATION WITH THE BOARD OF COMMISSIONERS FOR ITS
EXAMINATION AND PAY TO IT A FILING FEE OF $750.

(B)   PUBLICATION OF FILING.

THE BOARD OF COMMISSIONERS SHALL PUBLISH A NOTICE OF
THE FILING AS PROVIDED IN THE STATE DOCUMENTS LAW.

(C)   HEARING.

THE BOARD OF COMMISSIONERS SHALL SET A TIME FOR AND,
WITHIN 30 DATS AFTER THE FILING, HOLD A PUBLIC HEARING ON
EACH APPLICATION TO FORM A SAVINGS AND LOAN ASSOCIATION.
AT THE HEARING, THE BOARD OF COMMISSIONERS SHALL
DETERMINE FROM THE BEST AVAILABLE SOURCES OF INFORMATION
IF:

(1)     THE CHARACTER, RESPONSIBILITY, AND
GENERAL FITNESS OF THE INCORPORATORS COMMAND CONFIDENCE
AND WARRANT BELIEF THAT THE BUSINESS OF THE PROPOSED
SAVINGS AND LOAN ASSOCIATION WILL BE CONDUCTED HONESTLY
AND EFFICIENTLY, IN ACCORDANCE WITH THE INTENT OF THIS
SUBTITLE; AND

(2)   ALLOWING THE PROPOSED SAVINGS AND LOAN
ASSOCIATION TO ENGAGE IN BUSINESS WILL PROMOTE PUBLIC
INTEREST, CONVENIENCE, AND ADVANTAGE.

(D)   CHANGES IN ARTICLES.

THE BOARD OF COMMISSIONERS MAY REQUIRE ANY CHANGE IN
THE ARTICLES IT CONSIDERS NECESSARY.