HARRY HUGHES, Governor

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(2) ... and conducts its business in accordance
with the applicable provisions of ... and the
Corporations and Associations Article".

Also in subsection (b)(2) of this section, the
phrase "In addition to the remedy provided in
subsection (b) hereof" is deleted as unnecessary.

The present provision of Art. 23, §161A(b) that
permits business only by an association
"organized" under this article is deleted since a
federal association may be permitted to do
business in this State.

Subsection (c) of this section is a new provision
added to expressly except savings and loan
leagues, foundations, et cetera as the presumed
legislative intent.

See also § 9-203 as to the name of a savings and
loan association.

GENERAL COMMITTEE COMMENT:

Present CA § 6-201(d), which defined "Division" as
being the Division of Savings and Loan Associations was
deleted in favor of express reference wherever it appears.

SUBTITLE 2. INCORPORATION.

PART I. IN GENERAL.

9-201. PURPOSE.

A SAVINGS AND LOAN ASSOCIATION SHALL BE ORGANIZED FOR
THE PURPOSE OF RECEIVING FUNDS AND MAKING LOANS.

COMMITTEE COMMENT: This section replaces former Art.
23, § 161A(e).

In this section, the phrase "receiving funds" is
substituted for "accepting free share accounts"
and the phrase (loans) "to their members" is
deleted.

As to "member", see § 9-301 of this title.

"Savings account" and "savings and loan
association" are defined in § 9-101 of this
title.

9-202. FORMATION IN GENERAL.

(A) INCORPORATORS.

SUBJECT TO THE PROVISIONS OF THIS SUBTITLE, FIVE OR
MORE ADULT INDIVIDUALS, EACH OF WHOM IS A RESIDENT OF THIS