454

LAWS OF MARYLAND

Ch. 33

9-316. PAYMENTS OF BONUSES OR ASSESSMENTS BY NEW MEMBERS.

A SAVINGS AND LOAN ASSOCIATION THAT HAS BEEN
INCORPORATED FOR MORE THAN 1 MONTH, MAY REQUIRE ANY PERSON
WHO APPLIES FOR MEMBERSHIP TO PAY A BONUS OR ASSESSMENT IN
ORDER TO PLACE THE NEW MEMBER ON AN EQUITABLE BASIS WITH THE
CURRENT MEMBERS.

REVISOR'S NOTE: This section is new language derived
without substantive change from Art. 23, § 147.

In this section, the present phrase "or for stock
in any such association" is deleted as included
in the phrase "applies for membership".

The present phrase (to pay) "on subscribing" is
deleted as unnecessary.

The present phrase "as may from time to tine be
fixed or assessed, in such manner as may be
provided by the association," is deleted as
unnecessary.

The phrase "equitable basis" is substituted for
"on a footing", and "current members" is
substituted for "original members and others
holding stock at the tine of such application"
since all members are brought even with each
other at entrance.

This section applies only to the few serial
associations still in existence in this State.

As to "member", see § 9-301 of this subtitle.

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

9-317. MAINTENANCE OF INITIAL SUBSCRIPTION FOR FREE SHARE
ACCOUNTS.

(A) MINIMUM FREE SHARE ACCOUNT REQUIREMENTS.

EXCEPT AS PROVIDED IN SUBSECTION (B) OF THIS SECTION, A
SAVINGS AND LOAN ASSOCIATION SHALL HAVE AT ALL TIMES FREE
SHARE ACCOUNTS IN AN AMOUNT AT LEAST EQUAL TO THE INITIAL
SUBSCRIPTION FOR FREE SHARE ACCOUNTS REQUIRED UNDER § 9-216
OF THIS TITLE.

REVISOR'S NOTE: This subsection presently appears as
Art. 23, § 161M(a)(1).

In this subsection, "initial subscription for
free share accounts" is substituted for "minimum
aggregate amount of free share accounts which the
Board of Commissioners requires" to make clear