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LAWS OF MARYLAND

Ch. 856

STATE AND A CITIZEN OF THE UNITED STATES, MAY ACT AS
INCORPORATORS TO FORM A SAVINGS AND LOAN ASSOCIATION UNDER
THIS TITLE.

(B) CHAIRMAN OF THE INCORPORATORS.

THE INCORPORATORS SHALL ELECT A CHAIRMAN FROM AMONG
THEMSELVES.

COMMITTEE COMMENT: This section replaces former CA §§
6-202 and 6-203.

As to subsection (a) of this section, note that
under § 9-208 of this subtitle formation as a
savings and loan association is contingent on
approval by the Board of Commissioners.

See also Title 1 of this article as to the
application of the Corporations and Associations
Article to this article.

In subsection (b) of this section, "elect" is
substituted for "appoint" for clarity.

"Adult" is defined in Art. 1, § 24 as a person
eighteen years of age or more.

"Savings and loan association" is defined in §
9-101 of this title.

9-203. NAME OF SAVINGS AND LOAN ASSOCIATION.

THE NAME OF A SAVINGS AND LOAN ASSOCIATION:

(1)  NEED NOT INDICATE THAT IT IS A CORPORATION;

(2)  SHALL CONTAIN ONE OF THE FOLLOWING PHRASES
OR ANY COMBINATION OF THE WORDS:

(I)  "SAVINGS ASSOCIATION";

(II)  "BUILDING ASSOCIATION";

(III)  "SAVINGS AND LOAN ASSOCIATION"; OR

(IV)  "BUILDING AND LOAN ASSOCIATION".

(3)  MAY NOT BE SIMILAR IN ANY MATERIAL OR
MISLEADING RESPECT TO THE NAME OF ANY OTHER STATE OR FEDERAL
SAVINGS AND LOAN ASSOCIATION, EXCEPT THAT A SAVINGS AND LOAN
ASSOCIATION IN OPERATION BEFORE JULY 1, 1980 MAY CONTINUE TO
OPERATE UNDER ITS EXISTING NAME; AND

(4)  MAY NOT INCLUDE THE WORDS "NATIONAL",
"FEDERAL", "UNITED STATES", "GUARANTEED", OR "INSURED",
EXCEPT THAT A SAVINGS AND LOAN ASSOCIATION IN OPERATION
BEFORE JULY 1, 1980 MAY CONTINUE TO OPERATE UNDER ITS
EXISTING NAME.