HARRY HUGHES, Governor

3055

In subsection (c) of this section, the term
"savings account" is substituted for "any free
share account or evidence thereof".

See also CA § 2-419, "Interested Director
Transactions".

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

9-308. FIDELITY BONDS.

A SAVINGS AND LOAN ASSOCIATION SHALL PROVIDE A BOND, IN
THE AMOUNT THAT THE BOARD OF COMMISSIONERS REQUIRES, TO
COVER EACH DIRECTOR, OFFICER, AGENT, OR EMPLOYEE OF THE
ASSOCIATION WHO HAS CONTROL OVER OR ACCESS TO CASH OR
SECURITIES OF THE ASSOCIATION.

COMMITTEE COMMENT: This section is a new provision
added as a normal protective practice in the
industry.

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

9-309. OFFICES.

(A)  GENERAL PROHIBITION.

A SAVINGS AND LOAN ASSOCIATION MAY NOT ESTABLISH OR
RELOCATE ANY BRANCH OFFICE OR RELOCATE A PRINCIPAL OFFICE
UNLESS THE DIVISION DIRECTOR APPROVES ITS APPLICATION TO DO
SO.

(B)  APPLICATION.

AN APPLICATION FOR THE ESTABLISHMENT OR RELOCATION OF A
BRANCH OFFICE OR RELOCATION OF A PRINCIPAL OFFICE SHALL
INCLUDE:

(1)  AN APPLICATION FEE OF $500 UNLESS THE
APPLICATION IS FOR RELOCATION WITHIN A ONE-HALF MILE RADIUS
OF THE EXISTING SITE; AND

(2)  A STATEMENT OF:
(I) THE NEED FOR THE ESTABLISHMENT OR

RELOCATION;

(II)  THE ADDRESS OF THE PROPOSED LOCATION;

(III)  THE SERVICES TO BE PROVIDED;

(IV) THE ESTIMATED ANNUAL EXPENSE; AND