3038

LAWS OF MARYLAND

Ch. 856

In subsection (a) of this section, the phrase "On
final approval of the articles of incorporation
by the Board of Commissioners," is added for
clarity.

In subsection (b) of this section, the phrase
"when the State Department of Assessments and
Taxation accepts ..." is new language added to
clarify that corporate status is achieved only on
acceptance of the articles, not the act of the
filing.

Subsection (c) of this section is new language
added, on the advice of the Board, as an
administrative necessity to confirm that
incorporation has taken place.

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

9-210. FORFEITURE OF CHARTER FOR FAILURE TO BEGIN BUSINESS
OR FOR NONUSE.

(A)  "BUSINESS" DEFINED.

IN THIS SECTION, "BUSINESS" MEANS RECEIVING FUNDS OR
MAKING LOANS.

(B)  NONUSE OR FAILURE TO BEGIN.

A SAVINGS AND LOAN ASSOCIATION FORFEITS ITS CHARTER FOR
NONUSE IF IT:

(1)  HAS NOT BEGUN BUSINESS WITHIN 180 DAYS OF
THE ACCEPTANCE FOR RECORD OF ITS ARTICLES OF INCORPORATION,
EXCEPT THAT THE BOARD OF COMMISSIONERS MAY GRANT ONE OR MORE
EXTENSIONS OF NOT MORE THAN 180 DAYS EACH; OR

(2)  AFTER BEGINNING BUSINESS, DOES NOT ENGAGE
ACTIVELY IN BUSINESS DURING ANY CONTINUOUS PERIOD OF 180
DAYS.

(C)  PROCEDURE.

THE CHARTER OF THE SAVINGS AND LOAN ASSOCIATION IS VOID
WHEN THE STATE DEPARTMENT OF ASSESSMENTS AND TAXATION
RECEIVES A CERTIFIED COPY OF A FINAL ORDER, ISSUED BY THE
BOARD OF COMMISSIONERS UNDER TITLE 8, SUBTITLE 4 OF THIS
ARTICLE, THAT:

(1) FINDS THERE IS NO JUST CAUSE FOR THE FAILURE
TO BEGIN OR ENGAGE IN BUSINESS; AND

(2) DIRECTS THE SAVINGS AND LOAN ASSOCIATION TO
DISSOLVE ITS BUSINESS.