HARRY HUGHES, Governor

405

Present Art. 23, § 161E(e)(3)(v), which relates
to raising capital, now appears in § 9—311 of
this article.

As to subsection (a) of this section and the
general authority of the Secretary, see Art. 41,
§ 221 et seq.

"Board of Commissioners", "Division Director",
"savings and loan association", and "Secretary"
are defined in § 8-101 of this title.

8-20 8. CONFLICTS OF INTEREST.

(A)   IN GENERAL.

A MEMBER OF THE BOARD OF COMMISSIONERS MAY NOT
PARTICIPATE IN ANY HEARING BEFORE THE BOARD OR PASS ON ANY
ORDER THAT AFFECTS ANY SAVINGS AND LOAN ASSOCIATION IN WHICH
THE MEMBER HAS ANY INTEREST OR WITH WHICH THE MEMBER HAS ANY
CONNECTION AS A SHAREHOLDER STOCKHOLDER, MEMBER OF THE
ASSOCIATION, DIRECTOR, MORTGAGOR, BORROWER, ATTORNEY, OR
OTHERWISE.

(B)   PUBLIC MEMBERS.

A PUBLIC MEMBER OF THE BOARD OF COMMISSIONERS MAY NOT

SERVE AS AN OFFICER OR DIRECTOR OF OR ATTORNEY FOR    A SAVINGS

AND LOAN ASSOCIATION WHILE SERVING ON THE BOARD OF
COMMISSIONERS.

REVISOR'S NOTE: This section is new language derived
without substantive change from part of the
eighth sentence of Art. 23, § 161E(b) and from
Art. 23, § 161E(f).

In subsection (a) of this section, the term
"stockholder" is substituted for "shareholder" to
conform to Code terminology and the term
"borrower" is added for clarity.

8-209.

SUBJECT TO THE EVALUATION AND REESTABLISHMENT

PROVISIONS OF THE REGULATORY PROGRAMS EVALUATION ACT OF

1978, THIS SUBTITLE RELATING TO THE BOARD OF SAVINGS AND

LOAN ASSOCIATION COMMISSIONERS AND THE DIVISION OF SAVINGS

AND LOAN ASSOCIATIONS AND RELATING TO THE REGULATION OF

SAVINGS AND LOAN ASSOCIATIONS ARE OF NO EFFECT AND MAY NOT
BE ENFORCED AFTER JULY 1, 1982.

REVISOR'S NOTE: This section is a new provision added
to conform to the Regulatory Programs Evaluation
Act of 1978.

As to the Regulatory Programs Evaluation Act of