3088

LAWS OF MARYLAND

Ch. 856

Maryland" as being within the intent of this
title.

Also as to subsection (a)(11) of this section,
the present requirements for separate approval,
10 years1 business experience and 5 million
dollars paid-in capital was deleted as
unnecessary on the advice of the Board of
Commissioners and the Division Director.

In subsection (a)(12) of this section
(participations) "certificates" was deleted as
unnecessary.

In subsection (a)(12)(iv) of this section, "The
Maryland Savings-Share Insurance Corporation" was
added for clarity.

In subsection (a)(12)(vii), "issued by" was
deleted as included in "of".

Subsection (a)(12)(viii) is a new provision added
to provide needed flexibility and as being in
keeping with the intent of this title.

In subsection (a)(13)(i) of this section, "one or
more" (financial institutions) is added for
clarity.

In subsection (a)(13)(ii)l., the phrase "or other
securities" was deleted as unnecessary and "any
... interest in ... real property" is substituted
for "real estate".

In subsection (a)(13)(ii)2., the phrase "clerical
functions" was substituted for "bookkeeping,
accounting, statistical, or other similar" for
brevity.

In subsection (a)(14) of this section, the former
provision that an education loan could be secured
by a second lien on real property was deleted as
unnecessary since it could also be unsecured.

In subsection (a)(15) of this section, the term
"home improvement loan" was substituted for
"loans for construction of new structures related
to residential use of property; home or property
repairs, alterations, improvements and additions"
as having the same meaning.

Also in subsection (a)(15) of this section, the
former reference to the association's being
insured by the Federal Housing Administration was
deleted as unnecessary.

Subsection (a)(16) of this section is a new
provision.