HARRY HUGHES, Governor

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9-209. CORPORATE STATUS.

(A)       FILING FOR RECORD.

ON FINAL APPROVAL OF THE ARTICLES OF INCORPORATION BY
THE BOARD OF COMMISSIONERS, THE CHAIRMAN OF THE
INCORPORATORS OF A SAVINGS AND LOAN ASSOCIATION SHALL FILE
FOR RECORD WITH THE STATE DEPARTMENT OF ASSESSMENTS AND
TAXATION THE ENDORSED, EXECUTED ARTICLES OF INCORPORATION.

(B)      CORPORATE STATUS.

WHEN THE STATE DEPARTMENT OF ASSESSMENTS AND TAXATION
ACCEPTS THE ARTICLES OF INCORPORATION FOR RECORD IN
ACCORDANCE WITH SUBSECTION (A) OF THIS SECTION, THE SAVINGS
AND LOAN ASSOCIATION BECOMES A CORPORATION.

(C)      CERTIFICATE OF FILING FOR INCORPORATION.

THE CHAIRMAN OF THE INCORPORATORS SHALL SEND TO THE

BOARD OF COMMISSIONERS A COPY OF THE CERTIFICATE THAT

ACKNOWLEDGES THAT THE ARTICLES OF INCORPORATION HAVE BEEN
ACCEPTED FOR RECORD.

REVISOR'S NOTE: This section presently appears as CA §
6-209 (b) and (c).

In subsection (a) of this section, the phrase
"{o}n final approval of the articles of
incorporation by the Board of Commissioners," is
added for clarity.

Subsection (c) of this section is nek language
added as an administrative necessity, on the
advice of the Board of Commissioners.

The only other changes are in style.

"Board of Commissioners" and "savings and loan
association" are defined in § 9-101 of this
title.

9-210. FORFEITURE OF CHARTER FOR NONUSE.

(A)       "BUSINESS" DEFINED.

IN THIS SECTION, "BUSINESS" MEANS RECEIVING MONEY FOR
FREE SHARE ACCOUNTS OR MAKING MORTGAGE LOANS.

(B)   NONUSE OR FAILURE TO BEGIN.

A SAVINGS AND LOAN ASSOCIATION FORFEITS ITS CHARTER FOR
NONUSE IF IT;

(1) HAS NOT BEGUN BUSINESS WITHIN 90 DAYS AFTER
ITS ARTICLES OF INCORPORATION HAVE BEEN ACCEPTED FOR RECORD:
OR