HARRY HUGHES, Governor

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(2) AS TO ANY SAVINGS ACCOUNT FROM WHICH
WITHDRAWAL MAY BE MADE BY A NEGOTIABLE OR TRANSFERABLE ORDER
OF WITHDRAWAL, A SAVINGS AND LOAN ASSOCIATION:

(I)  NEED NOT PAY ANY DIVIDEND OR INTEREST
ON THE ACCOUNT; AND

(II)  MAY IMPOSE A SERVICE CHARGE ON ANY
ACCOUNT IN ACCORDANCE WITH THE REGULATIONS OF THE BOARD OF
COMMISSIONERS.

(C)  STATUS.

(1)  AS LONG AS A WRITTEN WITHDRAWAL REQUEST
REMAINS ON FILE, A MEMBER WHO IS A HOLDER OF A SAVINGS
ACCOUNT IN A SAVINGS AND LOAN ASSOCIATION WHO HAS REQUESTED
A WITHDRAWAL FROM THE ACCOUNT REMAINS A MEMBER OF THE
ASSOCIATION UNTIL THE WITHDRAWAL REQUEST IS PAID.

(2)  A HOLDER OF A SAVINGS SHARE ACCOUNT IN A
SAVINGS AND LOAN ASSOCIATION WHO HAS REQUESTED A WITHDRAWAL
FROM THE ACCOUNT IS NOT A CREDITOR OF THE ASSOCIATION,
EITHER BEFORE OR AFTER THE REQUEST TO WITHDRAW MONEY UNLESS
AN ASSOCIATION DEFAULTS IN ANY PAYMENT DUE UNDER THIS
SECTION.

(D)  EXCEPTION.

THIS SECTION DOES NOT PREVENT A SAVINGS AND LOAN
ASSOCIATION FROM RESTRICTING BY CONTRACT A WITHDRAWAL FROM
AN ACCOUNT OF $100,000 OR OVER, OR ANY ACCOUNT THAT IS
PLEDGED TO THE ASSOCIATION.

COMMITTEE COMMENT: This section replaces the first
through fourth and the twelfth and thirteenth
sentences of former Art. 23, § 161X(a) and the
last sentence of (b).

Throughout this section, "request" is substituted
for "application". Specific provisions are
deleted as unnecessary in light of general
regulatory authority by the Board of
Commissioners.

In subsection (a) of this section "money in the"
(account) is added for clarity.

In subsections (a) and (b) of this section, the
provisions for negotiable and transferable orders
of withdrawal are new, added to expressly give
authority for this type of operation, comparable
to the authority being granted to other
jurisdictions. The Board of Commissioners has
received an opinion of the State's Attorney
General that associations have this right under
existing statutes. This section states the
authority affirmatively.