HARRY HUGHES, Governor

3093

COMMITTEE COMMENT: This section replaces former Art.
23, § 161Z(e) and (f).

This section has been simplified to its basic
grant of authority.

The term "shall" is substituted for "may" since
insurance by one of these corporations is
mandatory.

The specific provisions were deleted as
unnecessary and within control of the insuring
agency and regulations of the Board.

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

9-427. TRUSTEE OR CUSTODIAN UNDER FEDERAL RETIREMENT ACTS.

IF THE DIVISION DIRECTOR APPROVES ITS APPLICATION, A
SAVINGS AND LOAN ASSOCIATION MAY ACT AS A TRUSTEE OR
CUSTODIAN UNDER ANY PENSION OR RETIREMENT ACT OF THE FEDERAL
GOVERNMENT OR OF ANY STATE.

COMMITTEE COMMENT: This section replaces former Art.
23, § 161H-A.

This section has been simplified to its basic
grant of authority.

In this section the former specific requirements
for approval by the Division Director and
specifications as to use of the funds were
deleted as unnecessary in light of the
requirements of the plans themselves and the
general supervisory authority of the Board of
Commissioners and the Division Director.

In this section, the phrase "any pension or
retirement act of the federal government or of
any state" was substituted for specific reference
to plans such as the Federal Self-Employed
Individuals Retirement Act of 1962, the Employee
Retirement Income Security Act of 1974, or the
Federal Simplified Employee Pension Act, to apply
to new and amended plans of the federal
government and to permit participation with State
plans.

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

"Any state" is defined in § 1-101 of this
article.

9-428. RIGHT TO ACT TO AVOID LOSS.