HARRY HUGHES, Governor                             2079

COMMISSIONER under this article into the general fund of
this State.

9-318.

(b) (1) In accordance with this section, the Board of
Commissioners shall regulate the times of and methods for
determining the allocations of profits to the general
reserve fund, surplus account, and undivided profits
account.

(2) The Board of Commissioners may waive the
requirements of this [section] SUBSECTION if:

(i) Good cause is shown;

(ii) A savings and loan association
maintains the statutory 6 percent general reserve fund; and

(iii) The public interest is adequately
protected.

12-319.

If a license is issued for less than a full year, is
surrendered voluntarily, IS SUSPENDED OR REVOKED, the Bank
Commissioner may not refund any part of the license fee,
regardless of the time remaining in the license year.

SECTION 2 3. AND BE IT FURTHER ENACTED, That
Section(s) 166 of Article 83 - Sales and Notices, of the
Annotated Code of Maryland be and it is hereby transferred
to be Section(s) 180A of Article 23 - Miscellaneous
Companies, of the Annotated Code of Maryland, to be under
the amended subtitle "Multilevel Distribution Companies".

SECTION 3 4. AND BE IT FURTHER ENACTED, That Article 83
- Sales and Notices, of the Annotated Code of Maryland be
and it is hereby repealed in its entirety.

SECTION 4 5. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1980.

Approved May 20, 1980.

CHAPTER 579
(Senate Bill 903)
AN ACT concerning