1814

LAWS OF MARYLAND

[Ch. 311

IN ACCORDANCE WITH SUBSECTION (B) OF THIS SECTION, THE
SAVINGS AND LOAN ASSOCIATION BECOMES A BODY CORPORATE.

REVISOR'S NOTE: This section is new language derived
from the ninth and tenth sentences of Art. 23,
§161M(e)(1).

The words "Board of Commissioners,"
"chairman," and "savings and loan association"
are defined in §6—201 of this subtitle.

In subsection (b) of this section, the term
"Department of Assessments and Taxation" is
used although the word "Department" is defined
in Title 1 of this article to avoid confusion
with the Department of Licensing and
Regulation.

6-210. REFUSAL OF ARTICLES OF INCORPORATION.

(A)    BOARD OF COMMISSIONERS TO RETURN ARTICLES AND
STATEMENT.

IF THE BOARD OF COMMISSIONERS REFUSES THE ARTICLES,
IT SHALL RETURN ONE ENDORSED COPY OF THE ARTICLES TO THE
CHAIRMAN WITH A WRITTEN STATEMENT OF ITS REASONS FOR
REFUSAL.

REVISOR'S NOTE: This subsection is new language
derived without substantive change from the
eighth and last sentences of Art. 23,
§161M(e)(1).

The words "Board of Commissioners" and
"chairman" are defined in §6—201 of this
subtitle.

(B)   CHAIRMAN TO REFUND CONTRIBUTIONS.

AFTER AN ORDER OF REFUSAL OF THE ARTICLES BECOMES
FINAL, THE CHAIRMAN SHALL REFUND TO EACH INCORPORATOR HIS
INITIAL SUBSCRIPTION, AND HIS CONTRIBUTIONS TO THE
GENERAL RESERVE FUND, AND, SUBJECT TO PAYMENT OF ALL
REASONABLE EXPENSES, THE EXPENSE FUND.

REVISOR'S NOTE: This subsection is new language
derived without substantive change from the
first sentence of Art. 23, §161M (e) (2).

The Commission notes that present §16lM(e)(2),
now subsections (b) and (c) of this section,
conditions the refund of contributions by
payment of "all expenses," although under the
provisions of present §161M(c), now §6—206