3026

LAWS OF MARYLAND

Ch. 856

"DIVISION DIRECTOR" MEANS THE DIRECTOR OF THE DIVISION
OF SAVINGS AND LOAN ASSOCIATIONS.

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

The name of the Division is modified as explained
in the revisor's note to § 8-301 of this title.

(G) FEDERAL ASSOCIATION.

"FEDERAL ASSOCIATION" MEANS A SAVINGS AND LOAN
ASSOCIATION THAT IS INCORPORATED UNDER THE LAWS OF THE
UNITED STATES.

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

The phrase "incorporated under the laws of the
United States" is substituted for "chartered as a
federal savings and loan association under the
Home Owners' Loan Act of 1933" as having the same
meaning.

(H) MUTUAL ASSOCIATION.

"MUTUAL ASSOCIATION" MEANS A SAVINGS AND LOAN
ASSOCIATION THAT DOES NOT HAVE AUTHORITY TO ISSUE CAPITAL
STOCK.

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

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

The only other changes are in style.

(I) SAVINGS AND LOAN ASSOCIATION.

UNLESS THE CONTEXT CLEARLY REQUIRES OTHERWISE, "SAVINGS
AND LOAN ASSOCIATION" MEANS A CORPORATION THAT IS CHARTERED
UNDER THE LAWS OF THIS STATE AS A SAVINGS AND LOAN
ASSOCIATION.

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

(J) SAVINGS ACCOUNT.

(1) "SAVINGS ACCOUNT" MEANS THAT PART OF THE
SAVINGS LIABILITY OF A SAVINGS AND LOAN ASSOCIATION THAT IS
CREDITED TO THE ACCOUNT OF THE HOLDER OF THE ACCOUNT.