2026

LAWS OF MARYLAND

[Ch. 311

ASSOCIATION.

FOR PURPOSES OF TAXATION OR DOING BUSINESS IN THIS
STATE, ANY ASSOCIATION WHICH AVAILS ITSELF OF THE
PRIVILEGES OF §6-228 OF THE CORPORATIONS AND ASSOCIATIONS
ARTICLE SHALL BE REGARDED IN EVERY RESPECT AS A DOMESTIC
CORPORATION OF THE STATE, AND ITS PROPERTY, SHARES, AND
ASSETS SHALL BE TAXED IN THE SAME MANNER AND TO THE SAME
EXTENT AS THOSE OF A DOMESTIC ASSOCIATION.

REVISOR'S NOTE: This section is new language derived
without substantive change from present Art.
23, §159(d) .

The provisions of present §159 which relate to
the procedure for conversion into a federal
savings and loan association appear in §6—288
of the Corporations and Associations Article.

161B.

(A)       MEANING OF "ASSOCIATION.

IN THIS ARTICLE, "ASSOCIATION" MEANS A SAVINGS AND
LOAN ASSOCIATION AS DEFINED IN §6-201(G) OF THE
CORPORATIONS AND ASSOCIATIONS ARTICLE.

(B)   FOREIGN ASSOCIATIONS.

EACH FOREIGN BUILDING, SAVINGS AND LOAN, OR
HOMESTEAD ASSOCIATION OR OTHER SIMILAR CORPORATION WHICH
IS AUTHORIZED TO DO BUSINESS IN THIS STATE AS AN
ASSOCIATION IS SUBJECT TO THE PROVISIONS OF THIS ARTICLE
AND THE CORPORATIONS AND ASSOCIATIONS ARTICLE.

(C) FEDERAL ASSOCIATIONS.

UNLESS FEDERAL LAW OR REGULATIONS PROVIDE OTHERWISE,
A FEDERAL SAVINGS AND LOAN ASSOCIATION AND ITS MEMBERS
HAVE EVERY RIGHT, POWER, PRIVILEGE, IMMUNITY, AND
EXEMPTION GRANTED TO AN ASSOCIATION AND ITS MEMBERS UNDER
AND ARE SUBJECT TO THE PROVISIONS OF THIS ARTICLE AND THE
CORPORATIONS AND ASSOCIATIONS ARTICLE.

(D) APPLICABILITY OF OTHER ARTICLES,

IN ADDITION TO THE PROVISIONS OF THIS ARTICLE, EACH
ASSOCIATION HAS THE POWERS UNDER AND IS SUBJECT TO THE
PROVISIONS OF THE CORPORATIONS AND ASSOCIATIONS ARTICLE.

161C.

(A) WHO MAY TRANSACT BUSINESS.