3028                                 LAWS OF MARYLAND                               Ch. 856

(2) FOLLOWED. BY THE DISSOLUTION OF THE
TRANSFEROR CORPORATION.

COMMITTEE COMMENT: This subsection replaces former CA §
6-201(k).

9-102. GENERAL PROHIBITION.

(A)  COMPLIANCE REQUIRED.

ONLY A CORPORATION THAT COMPLIES WITH THIS TITLE MAY
CONDUCT THE BUSINESS OF A SAVINGS AND LOAN ASSOCIATION OR DO
BUSINESS UNDER ANY NAME OR MAKE ANY REPRESENTATION THAT
IMPLIES THAT IT IS A SAVINGS AND LOAN ASSOCIATION.

(B)  REMEDIES; PENALTIES.

(1)  ON APPLICATION BY THE DIVISION DIRECTOR,
WITH THE APPROVAL OF THE BOARD OF COMMISSIONERS, A COURT OF
COMPETENT JURISDICTION MAY ISSUE AN INJUNCTION TO RESTRAIN
ANY PERSON FROM VIOLATING THIS SECTION.

(2)  ANY PERSON WHO VIOLATES SUBSECTION (A) OF
THIS SECTION IS GUILTY OF A MISDEMEANOR AND ON CONVICTION IS
SUBJECT TO A FINE OF NOT MORE THAN $1000 FOR EACH OFFENSE.

(C)  EXCEPTION.

THIS SECTION DOES NOT APPLY TO THE USE OF A SIMILAR
NAME BY ANY CORPORATION OR ASSOCIATION FORMED ONLY TO
PROMOTE THE INTERESTS OF SAVINGS AND LOAN ASSOCIATIONS, THE
MEMBERSHIP OF WHICH IS MADE UP OF SAVINGS AND LOAN
ASSOCIATIONS, THEIR OFFICERS, OR OTHER REPRESENTATIVES.

COMMITTEE COMMENT: This subsection replaces former Art.
23, § 161C, Art. 23, § 161A(b) and CA § 6-218(b).

In subsection (a) of this section, the term
"corporation" is substituted for "person" since
only corporations can be savings and loan
associations, and the words "or circulate ... any
advertisement ... which indicates or reasonably
(implies) the operation of (a savings and loan
association)" are deleted as included in the
phrase "make any representation that implies a
savings and loan association".

As to subsection (a) of this section, the
following is deleted as included in the phrase
"complies with this Title":

"(1) Is an association, a federal association,
or a foreign association authorized to do
business in this State; and