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LAWS OF MARYLAND

Ch. 33

(2) AFTER BEGINNING BUSINESS, DOES NOT ENGAGE
ACTIVELY IN BUSINESS DURING ANY CONTINUOUS PERIOD OF 180
DAYS.

(C) PROCEDURE.

THE CHARTER OF THE SAVINGS AND LOAN ASSOCIATION IS VOID
WHEN THE STATE DEPARTMENT OF ASSESSMENTS AND TAXATION
RECEIVES A CERTIFIED COPY OF A FINAL ORDER, ISSUED BY THE
BOARD OF COMMISSIONERS UNDER TITLE 8, SUBTITLE 4 OF THIS
ARTICLE, WHICH:

(1)   FINDS THAT THERE IS NO JUST CAUSE FOR THE
FAILURE TO BEGIN OR ENGAGE IN BUSINESS; AND

(2)   DIRECTS THE SAVINGS AND LOAN ASSOCIATION TO
DISSOLVE ITS BUSINESS.

REVISOR'S NOTE: This section presently appears as CA §
6-211.

In subsection (b)(2) of this section, the phrase
"{a}fter beginning business" is added for
clarity.

In subsection (c) of this section, the tern
"final" order is added for clarity.

Also in subsection (c) of this section, the
present terns "inoperative" and "null" are
deleted as included in the term "void".

In subsection (c) (2) of this section,   the present

words "cease and" are deleted as   unnecessary

since the order to dissolve means the  association

is unchartered, and only a chartered     association
may continue to operate the business.

The only other changes are in style.

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

"Charter" is defined in § 1-101 of this article.

9-211. CHARTER AMENDMENT.

(A) IN GENERAL.

THE CHARTER OF A SAVINGS AND LOAN ASSOCIATION MAY BE
AMENDED AS PROVIDED IN TITLE 2, SUBTITLE 6 OF THE
CORPORATIONS AND ASSOCIATIONS ARTICLE AND THIS SECTION.

(B) FILING.