HARRY HUGHES, Governor

3039

COMMITTEE COMMENT: This section formerly appeared as CA
§ 6-211.

In subsection (a) of this section, "receiving
funds" is substituted for "free share account" to
reflect the modern transactions of a savings and
loan association.

In subsection (a) of this section, "loans" is
substituted for "mortgage loans" to provide
broader application for flexibility in
investments and to reflect modern transactions.

In subsection (b)(1) of this section, a new
provision increases the time within which a
savings and loan association must commence
business and allows the Board to grant extensions
and avoid an unnecessary forfeiture.

In subsection (b)(2) of this section, the phrase
"after beginning business" is added for clarity.

In subsection (c) of this section, the term
"final" is added to modify "order" for clarity.
The former terms "inoperative" and "null" were
deleted as included in the term "void".

In subsection (c)(2) of this section, the former
words "cease and" were deleted as unnecessary
since the order to dissolve means the association
is unchartered, and only a chartered association
may continue to operate the business of an
association.

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

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

9-211. CHARTER AMENDMENT.

(A)  IN GENERAL.

THE CHARTER OF A SAVINGS AND LOAN ASSOCIATION MAY BE
AMENDED AS PROVIDED IN TITLE 2, SUBTITLE 6 OF THE
CORPORATIONS AND ASSOCIATIONS ARTICLE AND THIS SECTION.

(B)  FILING.

ARTICLES OF AMENDMENT SHALL BE FILED AND APPROVED AS
REQUIRED BY THIS SUBTITLE FOR ARTICLES OF INCORPORATION,
EXCEPT THAT:

(1) A NOTICE OF THE FILING NEED NOT BE
PUBLISHED; AND