398

LAWS OF MARYLAND

Ch. 33

CONTEXT CLEARLY REQUIRES OTHERWISE, A CORPORATION THAT IS
CHARTERED UNDER THE LAWS OF THIS STATE AS A SAVINGS AND LOAN
ASSOCIATION.

REVISOR'S NOTE: This subsection is new language derived
without substantive change from CA § 6—201(j).

The clause "unless the context clearly requires
otherwise" is new language added to allow for
instances when the text clearly means a federal
or foreign savings and loan association.

The phrase "the laws of this State" is
substituted for "the provisions of this subtitle
or any prior public general law or prior special
act of the State and ... subject to the
provisions of this subtitle".

The present reference to "includes any building

association, savings association, savings and

loan association, building and homestead

association, or other similar corporation" now

appears in § 9—203 of this article since the

present meaning relates only to the name of a

           savings and loan association. Present Art. 23, §

           161D(b)(1) provides that, as of January 1, 1962,

all savings and loan associations had to conform

to the general provisions for incorporating as a

savings and loan association, regardless of the

original charter, or cease to exist as a savings

and loan association.

(E) SECRETARY.

"SECRETARY" MEANS THE SECRETARY OF LICENSING AND
REGULATION.

REVISOR'S NOTE: This subsection is new language added
to avoid repetition of the full title of the
Secretary.

6-102. LEGISLATIVE POLICY.

IT IS THE POLICY OF THIS STATE THAT:

                     (1) THE SAVINGS AND LOAN; BUSINESS IS SO

INTEGRATED WITH THE FINANCIAL INSTITUTIONS OF THIS STATE AND
IS SO IMPORTANT AS A METHOD OF PROMOTING HOME OWNERSHIP AND
THRIFT THAT IT IS IN THE PUBLIC INTEREST THAT:

(I)       SAVINGS AND LOAN ASSOCIATIONS BE
SUPERVISED AS A BUSINESS AFFECTING THE ECONOMIC SECURITY AND
GENERAL WELFARE OF THE PEOPLE OF THIS STATE; AND

(II)       THE BUSINESS AND FINANCIAL STABILITY
OF SAVINGS AND LOAN ASSOCIATIONS BE PROMOTED AND ASSURED;
AND