HARRY HUGHES, Governor

3067

(2) THE SECURITY IS APPRAISED BY A DISINTERESTED
APPRAISER; AND

(3) THE LOAN IS APPROVED BY THE DIVISION
DIRECTOR.

COMMITTEE COMMENT: This section presently appears as CA
§ 6-216.

In subsection (a) of this section, the phrase
"individually or" was added as the presumed
legislative intent to make clear that activity
under this section includes the actions of one
person as well as concerted efforts of two or
more persons, and the term "person" was
substituted for "an individual or legal entity".

Also in subsection (a) of this section, the
percent of shares that determines control is
increased from 10 percent to 20 percent.

In subsection (b) of this section, the term
"citizen" was substituted for "resident" as more
accurate of the intent of this section.

In subsection (b) of this section, "of this
State" was deleted as included in the "United
States",

Also in subsection (b) of this section, the
phrase "a person who is not a citizen of the
United States may not ... acquire control..." was
substituted for the phrase "a 'controlling
person1 shall be a resident of this State or the
United States", which is ambiguous since it could
be interpreted to mean that having acquired
control a person became a resident or citizen.

Subsection (c)(2) of this section is a new
provision to clarify the intent of this section.

In subsection (d)(l)(i) of this section, the
former phrase "of such business or transaction
and the nature of the controlling person's
interest" was deleted as included in the business
understanding of "full disclosure".

In subsection (d)(2)(ii) of this section, the
phrase "recorded vote" was substituted for "and
such approval is recorded in the minutes".

Also in subsection (d)(l)(ii) of this section,
the phrase "disinterested directors of the
association" was substituted for "any director
who has any financial interest in or who is an
employee or director of the controlling person
abstaining".