HARRY HUGHES, Governor

411

1978, see Art. 41, § 484 et seq. of the Code.
SUBTITLE 4. ORDERS AND HEARINGS.
8-401. ORDER OF DIVISION DIRECTOR.

(A)   AUTHORITY.

THE DIVISION DIRECTOR MAY ISSUE ORDERS TO COMPEL A
SAVINGS AND LOAN ASSOCIATION TO COMPLY WITH:

(1)   ITS CHARTER OR BYLAWS;

(2)   ANY APPLICABLE LAW; OR

(3)   ANY RULE OR REGULATION OF THE BOARD OF
COMMISSIONERS.

(B)   CONTENT.

AN ORDER ISSUED BY THE DIVISION DIRECTOR UNDER THIS
SECTION TO A SAVINGS AND LOAN ASSOCIATION SHALL:

(1)   BE IN WRITING AND SIGNED BY THE DIVISION
DIRECTOR;

(2)   STATE THE ALLEGED VIOLATION IN DETAIL AND
THE FACTS THAT CONSTITUTE THE VIOLATION;

(3)   DIRECT THE ASSOCIATION TO DISCONTINUE THE
VIOLATION AND TO COMPLY WITH ANY LAW, RULE, OR REGULATION;
AND

(4)   STATE THE TIME AND PLACE OF A HEARING BEFORE
THE DIVISION DIRECTOR, WHICH TIME MAY NOT BE LESS THAN 20
DAYS FROM THE DATE OF MAILING.

(C)   SERVICE.

AN ORDER SHALL BE SENT BY REGISTERED MAIL, RETURN
RECEIPT REQUESTED, TO:

(1)   THE PRESIDENT OF THE SAVINGS AND LOAN
ASSOCIATION AT ITS PRINCIPAL OFFICE IN THIS STATE; OR

(2)   WHOMEVER THE ASSOCIATION DESIGNATES TO THE
DIRECTOR.

REVISOR'S NOTE: This section is new language derived
without substantive change from the second
sentence of Art. 23, § 161G(c) and from Art. 23,
§ 161H(a) , all but the last sentence of (b), and
a part of the first sentence of (c).

In subsection (a) of this section, "charter" is
substituted for "articles of incorporation" and
the present term "constitution" is deleted as