HARRY HUGHES, Governor

3053

(2) SUBMITTED AT THE ANNUAL MEETING.
(B) STATEMENTS FILED AFTER ANNUAL MEETING.
A SAVINGS AND LOAN ASSOCIATION SHALL:

(1)  SEND THE ANNUAL STATEMENT OF FINANCIAL
CONDITION TO ANY MEMBER ON REQUEST; AND

(2)  WITHIN 20 DAYS AFTER THE ANNUAL MEETING:

(I)  HAVE THE ANNUAL STATEMENT OF FINANCIAL
CONDITION AVAILABLE AT EACH OF ITS OFFICES IN THIS STATE;
AND

(II)  SEND A STATEMENT OF THE SALARIES,
FEES, AND EXPENSE ACCOUNTS PAID TO THE OFFICERS AND
DIRECTORS OF THE ASSOCIATION, CERTIFIED BY AN OFFICER OF THE
ASSOCIATION, TO THE DIVISION DIRECTOR, WHO SHALL MAKE THEM
AVAILABLE TO ANY MEMBER ON REQUEST.

COMMITTEE COMMENT: This section replaces the first four
sentences of Art. 23, § 161S.

The present requirement that the Annual Statement
of Financial Condition be on the form required by
the Division Director and be filed with the
Division Director is deleted on the advice of the
Director. The Division Director receives audited
financial reports quarterly by regulation.

A requirement that the Statement of Financial
Condition be available "at each of its offices in
this State" is substituted for the present
requirement of filing only at the principal
office, as being in the best interests of the
members.

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

"Member" is defined in § 9-301 of this subtitle.

9-307. CONFLICT OF INTEREST.

(A) LOANS PROHIBITED TO DIRECTOR OR OFFICER.

(1)  FOR PURPOSES OF THIS SECTION "MEMBER OF THE
IMMEDIATE FAMILY" OF AN OFFICER OR DIRECTOR MEANS A SPOUSE,
CHILD, PARENT, SIBLING, GRANDPARENT, OR GRANDCHILD WHO LIVES
IN THE SAME HOME AS AN OFFICER OR DIRECTOR.

(2)  EXCEPT AS PROVIDED IN SUBSECTION (B) OF THIS
SECTION, A SAVINGS AND LOAN ASSOCIATION OR ITS SUBSIDIARY
MAY NOT MAKE A LOAN DIRECTLY OR INDIRECTLY TO: