HARRY HUGHES, Governor

487

assets under the 20 percent ceiling.

In subsection (b) of this section, the phrase "to
the same extent and under the same conditions" is
substituted for "under the conditions,

limitations, restrictions, or safeguards

applicable or permitted" for brevity.

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

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

9-422. PRIORITY IN INVESTMENTS.

IN ITS INVESTMENTS UNDER § 9-419 OF THIS SUBTITLE, A
SAVINGS AND LOAN ASSOCIATION SHALL GIVE PRIORITY TO FIRST
MORTGAGES FOR OWNER-OCCUPIED RESIDENCES.

REVISOR'S NOTE: This section presently appears as Art.
23, § 161Z(a-1).

The only changes are in style.

9-423. TITLE TO REAL PROPERTY.

IN ANY INVESTMENTS UNDER § 9-419(B) OF THIS SUBTITLE,
TITLE TO REAL PROPERTY SHALL BE TAKEN IN THE NAME OF THE
SAVINGS AND LOAN ASSOCIATION.

REVISOR'S NOTE: This section presently appears as Art.
23, § 161Z(c).

The only changes are in style.

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

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

9-424. RIGHT TO HOLD INVESTMENTS.

IF A SAVINGS AND LOAN ASSOCIATION HOLDS AN INVESTMENT
THAT WAS PERMITTED OR AUTHORIZED BY THE BOARD OF

COMMISSIONERS UNDER THIS SUBTITLE AT THE TIME THE INVESTMENT
HAS MADE, AND THE BOARD LATER WITHDRAWS THE AUTHORIZATION,
THE ASSOCIATION MAY CONTINUE TO HOLD THE INVESTMENT.

REVISOR'S NOTE: This section is new language derived
without substantive change from Art. 23, §
161Z (d).

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