3080

LAWS OF MARYLAND

Ch. 856

A SAVINGS AND LOAN ASSOCIATION THAT IS OPERATING UNDER
A PRO RATA PLAN OF WITHDRAWAL MAY NOT MAKE ANY LOAN THAT IS
SECURED BY A SAVINGS ACCOUNT IN THE ASSOCIATION.

COMMITTEE COMMENT: This section replaces the eleventh
sentence of former Art. 23, § 161X(a) and from
the first seven sentences of (b).

As to subsection (b)(2) of this section, the
former phrase in Art. 23, § 161X(b) "Any
association may apply to withdrawals an amount
larger than one third (1/3) of such receipts as
aforesaid" was deleted as included in "at least".

In subsection (b)(2) of this section, the phrase
"and borrowers" was added for accuracy.

As to subsection (c)(1) of this section, the
phrase "on the association's records" is added
for clarity and the present phrase "by mail" was
deleted as unnecessary.

Subsection (d) of this section is a new provision
added to protect the public interest.

The former references in Art. 23, § 161X(b) to
"Each succeeding month each such application
shall receive its ratable or pro rata share of
said receipts as aforesaid" and "Such limited
payment on the first of each month, and such
renumbering shall take place on the first day of
each subsequent month as long as there are
applications unpaid." were deleted as included in
subsection (b)(1) and (3) of this section.

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

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

9-411. RESERVED.

9-412. RESERVED.

PART II. GENERAL PROVISIONS — OPERATIONS.

9-413. MULTIPLE NAME ACCOUNTS.

IF AN ACCOUNT IN A SAVINGS AND LOAN ASSOCIATION IS IN
THE NAMES OF TWO OR MORE PERSONS AND IS PAYABLE TO ANY ONE
OF THEM:

(1) THE ASSOCIATION MAY PERMIT ANY PERSON NAMED
ON THE ACCOUNT TO WITHDRAW THE MONEY IN THE ACCOUNT OR
PLEDGE IT AS SECURITY FOR A LOAN, WHETHER OR NOT ANY OF THE
OTHER PERSONS IS LIVING; AND