MARVIN MANDEL, Governor                             1815

(b)(4) of this subtitle, which specifies the
terns of the surety bond, it guarantees refund
on payment of "all reasonable expenses."
Clarifying legislation may be appropriate,

The word "chairman" is defined in §6-201(c) of
this subtitle,

(C) DIVISION DIRECTOR TO RELEASE BOND.

WHEN THE DIVISION DIRECTOR HAS SATISFACTORY
ASSURANCE OF THE PAYMENT OF ALL REASONABLE EXPENSES AND
REFUND OF ALL CONTRIBUTIONS, HE SHALL RELEASE THE SURETY
BOND OF THE CHAIRMAN.

REVISOR'S NOTE: This subsection is new language
derived without substantive change from Art.
23, §16lM(e)(2).

The provisions of present §161M(c) which
relate to delivery of a surety bond are
included in §6—206 of this subtitle,

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

6-211. FORFEITURE OF CHARTER FOR NON-USE.

(A)   DEFINITION.

IN THIS SECTION, "BUSINESS" MEANS THE RECEIPT OF
MONEY FOR FREE SHARE ACCOUNTS OR THE MAKING OF MORTGAGE
LOANS.

(B)       FORFEITURE.

A SAVINGS AND LOAN ASSOCIATION FORFEITS ITS CHARTER
FOR NONUSE IF IT:

(1)   HAS NOT COMMENCED BUSINESS WITHIN 90 DAYS
OF THE ACCEPTANCE FOR RECORD OF ITS ARTICLES OF
INCORPORATION; OR

(2)    DOES NOT ENGAGE ACTIVELY IN BUSINESS
DURING ANY CONTINUOUS PERIOD OF 180 DAYS.

(C)       PROCEDURE.

THE CHARTER OF THE SAVINGS AND LOAN ASSOCIATION IS
INOPERATIVE, NULL, AND VOID WHEN THE DEPARTMENT OF
ASSESSMENTS AND TAXATION RECEIVES A CERTIFIED COPY OF AN
ORDER, ISSUED UNDER ARTICLE 23, §161H OF THE CODE, WHICH:

(1) FINDS THAT THERE IS NO JUST CAUSE FOR THE