HARRY HUGHES, Governor

397

January 1, 1976, insurance became effective for the first
ten credit unions that had applied and made insurance
deposits as required.

The Commission also deleted present Art. 23, § 459,
which exempts officers and directors from personal liability
on contracts of the Corporation. This provision is
unnecessary in that it merely restates a standard principle
of Maryland General Corporation Law.

TITLE 8. SAVINGS AND LOAN ASSOCIATIONS — BOARD OF
COMMISSIONERS AND DIVISION.

SUBTITLE 1. DEFINITIONS; POLICY.

8-101. DEFINITIONS.

(A)       IN GENERAL.

IN THIS TITLE THE FOLLOWING WORDS HAVE THE MEANINGS
INDICATED.

REVISOR'S NOTE: This subsection presently appears as CA
§ 6-201(a).

The only changes are in style.

See also § 1—101 of this article for other
applicable definitions.

(B)       BOARD OF COMMISSIONERS.

"BOARD OF COMMISSIONERS" MEANS THE BOARD OF SAVINGS AND
LOAN ASSOCIATION COMMISSIONERS.

REVISOR'S NOTE: This subsection presently appears as CA
§ 6-201(b).

The name of the Board of Commissioners is
modified as explained in the revisor's note to §
8-201 of this title.

(C)       DIVISION DIRECTOR.

"DIVISION DIRECTOR" MEANS THE DIRECTOR OF THE DIVISION
OF SAVINGS AND LOAN ASSOCIATIONS.

REVISOR'S NOTE: This subsection presently appears as CA
§ 6-201(e).

The name of the Division is modified as explained
in the revisor's note to § 8-301 of this title.

The only other changes are in style.

(D)        SAVINGS AND LOAN ASSOCIATION.

"SAVINGS AND LOAN ASSOCIATION" MEANS, UNLESS THE