HARRY HUGHES, Governor

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9-904. EXEMPTION FROM BLUE SKY LAW.

THE SALE OF SAVINGS ACCOUNTS OR CAPITAL STOCK OF ANY
SAVINGS AND LOAN ASSOCIATION IN THIS STATE IS EXEMPT FROM
ALL PROVISIONS OF LAW OF THIS STATE THAT PROVIDE FOR THE
SUPERVISION AND REGULATION OF THE SALE OF SECURITIES. THE
SALE OF ANY ACCOUNTS OR CAPITAL STOCK DOES NOT REQUIRE ANY
ACTION BY ANY OFFICIAL WHO SUPERVISES THE SALE OF
SECURITIES.

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

"Capital stock" and "savings account" are defined
in § 9-101 of this title.

9-905. PROMOTIONAL ACTIVITIES.

THE BOARD OF COMMISSIONERS SHALL REGULATE PROMOTIONAL
ACTIVITIES BY SAVINGS AND LOAN ASSOCIATIONS.

COMMITTEE COMMENT: This section replaces former Art.
23, § 161AA.

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

9-906. LIBERAL CONSTRUCTION.

TO FURTHER THE POLICIES OF TITLES 8, 9, AND 10 OF THIS
ARTICLE, THE PROVISIONS OF THIS TITLE SHALL BE LIBERALLY
CONSTRUED TO PROMOTE AND FOSTER THE PURPOSES OF SAVINGS AND
LOAN ASSOCIATIONS.

COMMITTEE COMMENT: This section formerly appeared as
Art. 23, § 161A(g).

9-907. DEFAMATION PROHIBITED.

(A)  "FALSE STATEMENT" DEFINED.

IN THIS SECTION, "FALSE STATEMENT" INCLUDES ANY UNTRUE
STATEMENT OR RUMOR, PRODUCED IN ANY MANNER, THAT:

(1)  IS DIRECTLY OR BY INFERENCE DEROGATORY TO
THE FINANCIAL CONDITION OF A SAVINGS AND LOAN ASSOCIATION;

(2)  AFFECTS THE SOLVENCY OR FINANCIAL STANDING
OF AN ASSOCIATION; OR

(3)  IS CALCULATED TO INJURE THE REPUTATION OR
BUSINESS OF AN ASSOCIATION.

(B)  PROHIBITION.