HARRY HUGHES, Governor

3037

In subsection (b)(1) of this section, the Board's
order follows the hearing or the date of the
scheduled hearing, instead of the date of filing
for examination, as a matter of practicality.

As to subsection (c) of this section, § 8-405 of
this article relies on Maryland Rule B4 as to the
time for filing an appeal. The reference in this
subsection to the Maryland Rules is added for
clarity.

Note that an application can be approved and the
Articles subsequently refused.

In subsection (d)(1) of this section, the phrase
"or on final determination of any appeal taken"
is added to make it clear that the Board's action
follows any appeal.

In subsection (d)(3) of this section, the phrase
"as required by the Administrative Procedure Act"
is substituted for "of its reasons for refusal",
for clarity.

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

9-209. CORPORATE STATUS.

(A)  FILING FOR RECORD.

ON FINAL APPROVAL OF THE ARTICLES OF INCORPORATION BY
THE BOARD OF COMMISSIONERS, THE CHAIRMAN OF THE
INCORPORATORS OF A SAVINGS AND LOAN ASSOCIATION SHALL FILE
FOR RECORD WITH THE STATE DEPARTMENT OF ASSESSMENTS AND
TAXATION THE ENDORSED, EXECUTED ARTICLES OF INCORPORATION.

(B)  CORPORATE STATUS.

WHEN THE STATE DEPARTMENT OF ASSESSMENTS AND TAXATION
ACCEPTS THE ARTICLES OF INCORPORATION FOR RECORD IN
ACCORDANCE WITH SUBSECTION (A) OF THIS SECTION, THE SAVINGS
AND LOAN ASSOCIATION BECOMES A CORPORATION.

(C)  CERTIFICATE OF FILING FOR INCORPORATION.

THE CHAIRMAN OF THE INCORPORATORS SHALL SEND A COPY OF
THE CERTIFICATE THAT ACKNOWLEDGES THAT THE ARTICLES OF
INCORPORATION HAVE BEEN ACCEPTED FOR RECORD TO THE BOARD OF
COMMISSIONERS.

COMMITTEE COMMENT: This section formerly appeared as CA
§ 6-209(b) and (c).