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MARVIN MANDEL, Governor
2039
which is within the scope of this article[,] has so
expanded in recent years and has become so integrated
with the financial institutions of [this] THE State and
is so important as a method of promoting home ownership
and thrift [ , ] that [ such] THIS business is affected with
a public interest and shall be supervised as a business
affecting the economic security and general welfare of
the people of [this]THE State;
(b) [Such] THIS business shall be conducted only by
associations organized and conducted in accordance with
the authority provided by this article AND THE
CORPORATIONS AND ASSOCIATIONS ARTICLE;
(c) The number and minimum size of the associations
conducting [such] THIS business shall be controlled in
the interest of securely and efficiently serving the
needs of the localities in which they operate;
(d) The public interest requires the promotion and
fostering of the [building,] savings and loan or
[homestead] business[,] and the assurance of its
financial stability;
(e) [Such] SAVINGS AND LOAN associations shall be
organized for the purpose of accepting free share
accounts and making loans to their members;
(f) In order to achieve [the aforesaid] THESE
purposes and policy, it is necessary that all
associations, except as provided in [§ 161P of this
article,] § 6-213 OF THE CORPORATIONS AND ASSOCIATIONS
ARTICLE, shall have only one kind or class of shares or
stock and that all the holders of [such] THESE shares or
stock shall have equal rights as to voting, earnings, and
assets;
(g) In order to further the policies herein
expressed, the provisions of this article AND THE
CORPORATIONS AND ASSOCIATIONS ARTICLE applicable to
associations shall be liberally construed to promote and
foster the purposes of [such] THESE associations.
161D.
(a) Bylaws, shares, etc.; operation.—Except as
provided in subsections (b) and (c) [hereof] OF THIS
SECTION, the bylaws, shares, contracts, and obligations
of any existing association shall continue in full force
and effect. All [such] THESE associations shall
henceforth be operated and regulated in accordance with
the provisions of §§ 161A through 161KK of this article
AND TITLE 6, SUBTITLE 2 OF THE CORPORATIONS AND
ASSOCIATIONS ARTICLE.
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