438

LAWS OF MARYLAND

Ch. 33

REVISOR'S NOTE: This section presently appears as CA §
6-217.1(b).

The only changes are in style.

"Board of Commissioners", "guaranty stock", and
"guaranty stock association" are defined in §
9-101 of this title.

9-222. REFUND ON FAILURE TO INCORPORATE.

IF THE ATTEMPT TO INCORPORATE A SAVINGS AND LOAN
ASSOCIATION IS UNSUCCESSFUL:

(1)   THE CHAIRMAN OF THE INCORPORATORS SHALL
REFUND AMOUNTS PAID TO THE INITIAL ACCOUNTS UNDER THIS
SUBTITLE, EXCEPT THAT THE EXPENSE FUND AND PAID-IN SURPLUS
ACCOUNTS ARE FIRST SUBJECT TO ALL REASONABLE EXPENSES; AND

(2)   THE DIVISION DIRECTOR SHALL RELEASE THE
SURETY BOND OF THE CHAIRMAN OF THE INCORPORATORS WHEN THE
DIRECTOR HAS SATISFACTORY ASSURANCE OF:

(I) THE PAYMENT OF ALL REASONABLE
EXPENSES; AND

(II) THE REFUND OF ALL AMOUNTS UNDER
PARAGRAPH (1) OF THIS SECTION.

REVISOR'S NOTE: This section is new language derived
without substantive change from CA § 6—210(b) and
(c).

In this section, the clause, " (i}f the attempt to
incorporate a savings and loan association is
unsuccessful", is added to make clear that
amounts are refunded if incorporation fails for
any reason.

9-223. TERMINATION OF PROVISIONS OF CERTAIN SECTIONS IN
SUBTITLE.

SECTION 9-219 OF THIS SUBTITLE RELATING TO THE BOARD OF
SAVINGS AND LOAN COMMISSIONERS AND THE DIVISION OF SAVINGS
AND LOAN ASSOCIATIONS AND RELATING TO THE REGULATIONS OF
SAVINGS AND LOAN ASSOCIATIONS ARE OF NO EFFECT AND MAY NOT
BE ENFORCED AFTER JULY 1, 1982.

REVISOR'S NOTE: This section presently appears as Art.
23, § 161LL-3.

The only changes are in style.

NOTE TO GENERAL ASSEMBLY: Present Art. 23, §
161LL—3 provides for the evaluation and possible
termination of certain regulatory provisions.