HARRY HUGHES, Governor

3035

Subsection (c) of this section is new language
added for clarity to reflect administrative
procedure.

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

"Political subdivision" is defined in § 1-101 of
this article.

9-207. BOARD OF COMMISSIONERS' REVIEW.

THE BOARD OF COMMISSIONERS SHALL DETERMINE FROM THE
AVAILABLE INFORMATION IF:

(1)  THE CHARACTER, RESPONSIBILITY, AND GENERAL
FITNESS OF THE INCORPORATORS WARRANT BELIEF THAT THE
BUSINESS OF THE PROPOSED SAVINGS AND LOAN ASSOCIATION WILL
BE CONDUCTED HONESTLY AND EFFICIENTLY, IN ACCORDANCE WITH
THIS TITLE; AND

(2)  THE ESTABLISHMENT OF THE SAVINGS AND LOAN
ASSOCIATION AND ITS LOCATION WILL PROMOTE THE PUBLIC
INTEREST.

COMMITTEE COMMENT: This section replaces all but the
first sentence of CA § 6-208(c).

In this section, the phrase "At the hearing" is
deleted since under certain circumstances, a
hearing is not required and to make it clear that
the Board of Commissioners makes its
determination under the expressed guidelines
whether or not there is a hearing.

In item (2) of this section, the phrase "and its
location" is added for clarity since it is a
major consideration and presumably reflects
legislative intent.

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

9-208. APPROVAL OR REFUSAL; APPEAL.

(A) MODIFICATION OF ARTICLES.

THE BOARD OF COMMISSIONERS MAY REQUIRE ANY CHANGE IN
THE PROPOSED ARTICLES OF INCORPORATION OR BYLAWS THAT THE
BOARD CONSIDERS NECESSARY.

(B) ORDER ON APPLICATION.