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2453
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MARVIN MANDEL, Governor
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the building, savings and loan business shall, on or
before July 1, 1972, file with the Director of the
Division of Building, Savings and Loan Associations
notice of its intention to apply to the Federal Savings
and Loan Insurance Corporation for insurance of accounts
or to apply for membership in Maryland Savings-Share
Insurance Corporation; and on or before October 1, 1972,
file an application with the Federal Savings and Loan
Insurance corporation for insurance of accounts or an
application for membership in the Maryland Savings—Share
Insurance Corporation and copies of said applications
must be filed with the Director of the Division of
Building, Savings and Loan Associations.
Any association failing to file its notice of
intention to apply for insurance of accounts with the
Federal Savings and Loan Insurance Corporation or
membership in the Maryland Savings-Share Insurance
Corporation on or before July 1, 1972, or having so filed
fails to file an application with the Federal Savings and
Loan Insurance Corporation or the Maryland Savings—Share
Insurance Corporation on or before October 1, 1972, shall
be deemed to have elected to liquidate, merge with an
insured association or convert into an ordinary business
corporation and it must file such plan or plans with the
Director of the Division of Building, Savings and Loan
Associations on or before October 1, 1972, and notify,
within thirty (30) days of October 1, 1972, by mail, on a
form approved by the Director of the Division of
Building, Savings and Loan Associations, all shareholders
of said association of the failure of the association to
become insured and of the future plans of said
association.
Provided, however, no association operating under
the jurisdiction of one of the circuit courts of this
State, either in receivership, conservatorship,
reorganization, or any legal proceeding wherein the
circuit court has assumed jurisdiction, shall be required
to have applied for or received insurance of accounts or
membership in the Maryland Savings-Share Insurance
Corporation on or before July 1, 1972, and shall not be
subject to the provisions of this § 150A. Any of said
associations shall be permitted to apply for insurance of
accounts or membership at any time subject to approval by
the circuit court having jurisdiction thereof, and said
application for membership or insurance of accounts shall
be processed by the appropriate agencies.]
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SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1977.
Approved May 17, 1977.
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