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LAWS OF MARYLAND

Ch. 33

in present Art. 23, § 161C to "{i}s an
association, a federal association, or a foreign
association authorized to do business in this
State" and "conducts its business in accordance
with the applicable provisions of ... and the
Corporations and Associations Article" are
deleted as included in the phrase "complies with
this title".

Also in subsection (b)(2) of this section, the
present phrase "{i}n addition to the remedy
provided in subsection (b) hereof" is deleted as
unnecessary.

The present provision of Art. 23, §161A(b) that
permits business only by an association
"organized" under this article is deleted since a
federal or foreign association may be permitted
to do business in this State. See Subtitle 8 of
this title.

As to the name of a savings and loan association,
see § 9-203 of this title.

NOTE TO THE GENERAL ASSEMBLY: As to the Regulatory
Programs Evaluation Act of 1978, although present Art. 23, §
161LL-3 provides for the possible termination of the
regulatory agencies for savings and loan associations and
the related regulatory provisions, the definitions of the
regulatory units are not included in the "Sunset"
provisions. Additionally § 9-102(b) of this subtitle
includes a reference to the Division Director and the Board
of Commissioners but is not included in the "Sunset"
provision.

SUBTITLE 2. INCORPORATION.

PART I. IN GENERAL.

9-201. PURPOSE.

A SAVINGS AND LOAN ASSOCIATION SHALL BE ORGANIZED FOR
THE PURPOSE OF ACCEPTING FREE SHARE ACCOUNTS AND MAKING
LOANS TO ITS MEMBERS.

REVISOR'S NOTE: This section presently appears as Art.
23, § 16lA(e).

The only changes are in style.

As to "member" see § 9—301 of this title.

"Savings and loan association" is defined in §
9-101 of this article.

9-202. FORMATION IN GENERAL.