3040

LAWS OF MARYLAND

Ch. 856

(2) A FILING FEE IS NOT REQUIRED.

COMMITTEE COMMENT: This section formerly appeared as CA
§ 6-221.

On the advice of the Board of Commissioners, the
present filing fee of $10 is deleted as being
unnecessary and as disproportionate to the
administrative costs of handling the fee.

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

9-212. REVIVAL OF CHARTER.

(A)  IN GENERAL.

A SAVINGS AND LOAN ASSOCIATION THAT FORFEITS ITS
CHARTER MAY REVIVE THE CHARTER IN ACCORDANCE WITH TITLE 3,
SUBTITLE 5 OF THE CORPORATIONS AND ASSOCIATIONS ARTICLE ONLY
IF:

(1)  THE DIVISION DIRECTOR APPROVES THE PROPOSED
ARTICLES OF REVIVAL UNDER TERMS ESTABLISHED BY THE BOARD OF
COMMISSIONERS; AND

(2)  THE CHARTER WAS FORFEITED FOR:

(I)  FAILURE TO FILE AN ANNUAL REPORT WITH
THE STATE DEPARTMENT OF ASSESSMENTS AND TAXATION; OR

(II)  NONPAYMENT OF TAXES.

(B)  APPROVAL OR REFUSAL.

NOT LATER THAN 30 DAYS AFTER A SAVINGS AND LOAN
ASSOCIATION FILES ARTICLES OF REVIVAL WITH THE DIVISION
DIRECTOR FOR EXAMINATION, THE DIRECTOR SHALL PASS AN ORDER
APPROVING OR REFUSING THE ARTICLES OF REVIVAL.

(C)  APPEAL.

THE SAVINGS AND LOAN ASSOCIATION MAY APPEAL THE ACTION
OR NONACTION OF THE DIVISION DIRECTOR IN ACCORDANCE WITH
TITLE 8, SUBTITLE 4 OF THIS ARTICLE AND CHAPTER 1100,
SUBTITLE B OF THE MARYLAND RULES.

COMMITTEE COMMENT: This section replaces former CA §
6-223.

In subsection (a) of this section, the former
phrase "under the terms and conditions
established by rules or regulations of the Board
of Commissioners" is deleted in light of the
express provisions related to organizational
authority in Title 8 of this article.