HARRY HUGHES, Governor

3025

COMMITTEE COMMENT: This subsection is new language that
duplicates the provisions of §§ 8-101 and 10-101
of this article and is added here for clarity.

The name of the Board of Commissioners is
modified as explained in the revisor's note to §
8-201 of this article.

(C) CAPITAL STOCK.
  "CAPITAL STOCK" MEANS CAPITAL STOCK ISSUED BY A CAPITAL

STOCK" ASSOCIATION.

COMMITTEE COMMENT: This subsection formerly appeared as
CA § 6-201(g).

The term "capital stock" is substituted for
"guaranty stock" as being the accepted
terminology.

The former references to the specific
requirements of capital stock are deleted as
unnecessary in light of the express requirements
of § 9-322 of this title.

See also the general requirements of stock in
Title 2 of the Corporations and Associations
Article.

See also CA § 1-102(b), which provides that the
provisions of a special act take precedence over
the general provisions of the Corporations and
Associations Article.

(D) CAPITAL STOCK ASSOCIATION.

       "CAPITAL STOCK ASSOCIATION" MEANS A SAVINGS AND LOAN
ASSOCIATION THAT HAS AUTHORITY UNDER THIS TITLE TO ISSUE
CAPITAL STOCK.

COMMITTEE COMMENT: This subsection formerly appeared as
CA § 6-201(h).

The term "capital stock association" is
substituted for "guaranty stock association" as
being the accepted terminology.

(E) DEPOSIT ASSOCIATION.

     "DEPOSIT ASSOCIATION" MEANS A SAVINGS AND LOAN
ASSOCIATION THAT HAS SAVINGS DEPOSIT ACCOUNTS.

COMMITTEE COMMENT: This subsection is new language
added for clarity.

(F) DIVISION DIRECTOR.