HARRY HUGHES, Governor                             3121

Former Art. 23, § 161L(b), which provided that
regular procedure for the appointment of a
receiver, and appellate and review procedure
applied to receivership actions, was deleted as
unnecessary.

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

SUBTITLE 8. FOREIGN ASSOCIATIONS.

9-801. "FOREIGN ASSOCIATION" DEFINED.

IN THIS SUBTITLE, "FOREIGN ASSOCIATION" MEANS ANY
SAVINGS AND LOAN ASSOCIATION OTHER THAN:

(1)  A SAVINGS AND LOAN ASSOCIATION INCORPORATED
UNDER THE LAWS OF THIS STATE; OR

(2)  A SAVINGS AND LOAN ASSOCIATION INCORPORATED
UNDER THE LAWS OF THE UNITED STATES THAT HAS ITS PRINCIPAL
OFFICE IN THIS STATE.

COMMITTEE COMMENT: This section is new language added
for clarity.

The definition does not include a Maryland
association that has its principal office in
another state as being a foreign association,
since the Maryland association would still be a
domestic association under Maryland Corporation
Law. Wherever a specific prohibition is intended
to apply to a Maryland association that has its
principal office in another state, it is stated
expressly.

In item (1) of this section, the phrase
"incorporated under the laws of this State" is
added for clarity.

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

9-802. GENERAL PROHIBITION; EXCEPTION.

A FOREIGN ASSOCIATION OR A SAVINGS AND LOAN ASSOCIATION
THAT MAINTAINS ITS PRINCIPAL OFFICE OUTSIDE THIS STATE MAY
NOT:

(1) HAVE AN OFFICE FOR BUSINESS IN THIS STATE
EXCEPT FOR AN OFFICE THAT WAS OPEN FOR BUSINESS IN THIS
STATE BEFORE JUNE 1, 1955;

(2) HAVE AN ELECTRONIC TERMINAL IN THIS STATE;
OR