MARVIN MANDEL, Governor

2043

[Sections] THE PROVISIONS OF §§ 161A through 161KK
of this article AND TITLE 6, SUBTITLE 2 OF THE
CORPORATIONS AND ASSOCIATIONS ARTICLE shall be considered
as additions to all existing laws covering or affecting
building, savings and loan or homestead associations, or
associations using any combination of these names, and
shall replace and prevail over such existing laws to the
extent that [the provisions of these sections] THEY are
contradictory or inconsistent, but only to the extent of
[such] THE contradiction or inconsistency, and such
existing laws, subject to the above provisions, shall be
and remain in full force and effect as if these
[sections] PROVISIONS had never been enacted.

SECTION 9. AND BE IT FURTHER ENACTED, That Sections 305,
316, and 353 of Article 48A — Insurance Code of the
Annotated Code of Maryland (1972 Replacement Volume and
1974 Supplement) be and they are hereby repealed and
re-enacted, with amendments, to read as follows:

Article 48A— Insurance Code

305.

Except as herein provided, societies shall be
governed by this subtitle AND TITLE 6, SUBTITLE 4 OF THE
CORPORATIONS AND ASSOCIATIONS ARTICLE and shall be exempt
from all other provisions of the insurance laws of this
State, not only in governmental relations with the State,
but for every other purpose. No law hereafter enacted
shall apply to them, unless they be expressly designated
therein.

316.

Any incorporated society authorized to transact
business in this State at the time this subtitle becomes
effective may thereafter exercise all the rights, powers,
and privileges prescribed in this subtitle, IN TITLE 6,
SUBTITLE 4 OF THE CORPORATIONS AND ASSOCIATIONS ARTICLE,
and in its charter or articles of incorporation as far as
consistent with this subtitle AND TITLE 6, SUBTITLE 4 OF
THE CORPORATIONS AND ASSOCIATIONS ARTICLE. A domestic
society shall not be required to reincorporate.

353.

(A) APPLICABILITY OF INSURANCE CODE.