1820

LAWS OF MARYLAND

[Ch. 311

Art. 2 3, §161P (f) and (g) are retained there
for eventual allocation to the Business
Regulation Article.

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

6-215. PROHIBITED ISSUANCE OF GUARANTY STOCK.

A SAVINGS     AND LOAN ASSOCIATION MAY NOT GIVE OR

OTHERWISE GRANT   ANYTHING IN THE NATURE OF A STOCK OPTION

TO ANY PERSON     IN CONNECTION WITH OR FOR PERFORMANCE OF

ANY SERVICE FOR THE SAVINGS AND LOAN ASSOCIATION.

REVISOR'S NOTE: This section is new language derived
without substantive change from Art. 23,
§161P(e)(4).

The words "officer, director, attorney,
employee" are deleted as unnecessary since
they are included in the word "person."

The tern "savings and loan association" is
defined in §6-201(g) of this subtitle.

6-216. SUBSCRIPTIONS FOR GUARANTY STOCK.

(A)   PROSPECTUS.

EACH PROSPECTUS AND ADVERTISEMENT FOR SUBSCRIPTIONS
FOR GUARANTY STOCK SHALL INCLUDE A STATEMENT THAT SHARES
OF GUARANTY STOCK ARE NOT INSURED.

(B)   COMMISSIONED SALES PROHIBITED.

A SAVINGS AND LOAN ASSOCIATION MAY NOT PAY TO ANY
PERSON ANY COMMISSION FOR OBTAINING ANY SUBSCRIPTION FOR
OR SALE OF GUARANTY STOCK.

REVISOR'S NOTE: This section is new language derived
without substantive change from Art. 23,
§161P(e) (2) and (3).

The term "savings and loan association" is
defined in §6—201 (g) of this subtitle.

6-217. NATURE OF GUARANTY STOCK.

(A) STOCK CONSTITUTES A SECONDARY RESERVE.

THE GUARANTY STOCK OF A SAVINGS AND LOAN ASSOCIATION
SHALL CONSTITUTE A SECONDARY RESERVE FROM WHICH ANY LOSS
SHALL BE PAID AFTER EVERY OTHER AVAILABLE RESERVE IS