HARRY HUGHES, Governor

489

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

In this section, the phrase "in the district of
which the State of Maryland is a part" is deleted
as unnecessary since it is controlled by federal

law.

In item (1) of this section, the present
references to purchasing stock or securities and
to complying with conditions of membership are
deleted as included in the phrase "become and
participate as a member".

Item (4) of this section is new language
substituted for ".... borrow money from such
shares of stock pledged as collateral security"
for clarity.

As to item (4) of this section, the present
provision that an association could pledge stock
pledged as security "without securing the consent
of the owner thereof" is deleted as being a
preference loan plan that is now obsolete..

The present specific references to activity
permitted as a member are deleted as included in
"participate as a member".

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

9-427. MEMBERSHIP IN MARYLAND SAVINGS-SHARE INSURANCE
CORPORATION.

AS TO THE MARYLAND SAVINGS-SHARE INSURANCE CORPORATION,
A SAVINGS AND LOAN ASSOCIATION MAY:

(1)       BECOME AND PARTICIPATE AS A MEMBER;

(2)       DEPOSIT MONEY IN THE CORPORATION;

(3)       COMPLY WITH THE CORPORATION'S CONDITIONS FOR
CREDIT;

(4)       BORROW MONEY FROM THE CORPORATION AND PLEDGE
SECURITY FOR THE BORROWING; AND

(5)       BUY THE CORPORATION'S OBLIGATIONS AS
INVESTMENTS.

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