MARVIN MANDEL, Governor

341

Replacement Volume and 1975 Supplement) to read as
follows:

Article 23 — Corporations

160 1/2.

(A)         AS USED IN THIS SECTION, THE FOLLOWING WORDS
HAVE THE MEANINGS INDICATED:

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

(2)          "SHORT-TERM" MEANS A PERIOD OF ONE YEAR
OR LESS.

(B)         NOTWITHSTANDING    THE PROVISIONS OF SECTION 160
OF THIS ARTICLE, A SAVINGS    AND LOAN ASSOCIATION SHALL PAY
A MINIMUM OF 3 PERCENT PER ANNUM INTEREST ON SAVINGS
ACCOUNTS WHICH ARE:

(1)         SHORT-TERM;

[[(2) CLOSED IF ANY WITHDRAWAL IS MADE;]] AND

[[(3)]] (2) INSTITUTED FOR A SPECIFIC PURPOSE,
INCLUDING "CHRISTMAS" OR "VACATION" ACCOUNTS.

[[(C) THE INTEREST REQUIRED BY THIS SECTION MAY NOT
BE PAID ON FUNDS THAT HAVE BEEN ON DEPOSIT FOR LESS THAN
90 DAYS.]]

SECTION 3. AND BE IT FURTHER ENACTED, That this Act
shall apply to all short term savings accounts which are
instituted for a specific purpose including Christmas or
vacation savings accounts opened on and after July 1,
1976.

SECTION 4. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1976.

Approved April 13, 1976.

CHAPTER 159

(House Bill 315)

AN ACT concerning

Weights and Measures — Liquid Fuels

FOR the purpose of providing an exception to the notice
requirements of the Weights and Measures Laws with