490                                         LAWS OF MARYLAND                                  Ch. 33

The present reference to the power to buy the
Corporation's securities and to pay the
Corporation's assessments, premiums, and charges
and to comply with all conditions for membership
are deleted as included in the phrase "become and
participate as a member".

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

9-428. BENEFITS OF NATIONAL HOUSING ACT.

ANY SAVINGS AND LOAN ASSOCIATION MAY DO ANYTHING THAT
IS AUTHORIZED FOR ASSOCIATIONS BY THE NATIONAL HOUSING ACT.

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

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

9-429. TRUSTEE OR CUSTODIAN UNDER FEDERAL RETIREMENT ACTS.

(A)       AUTHORITY IN GENERAL.

IF THE DIVISION DIRECTOR APPROVES, A SAVINGS AND LOAN

ASSOCIATION MAY ACT AS A TRUSTEE OR CUSTODIAN UNDER THE

FEDERAL SELF-EMPLOYED INDIVIDUALS TAX RETIREMENT ACT OF    1962
OR THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974.

(B)       APPROVAL BY DIVISION DIRECTOR; APPEAL.

(1)       IN DETERMINING APPROVAL UNDER THIS SECTION,
THE DIVISION DIRECTOR SHALL CONSIDER THE PERTINENT FACTS,
INCLUDING:

(I)   INVESTMENT POLICIES;

(II)   RESERVES;

(III)   FIDELITY BONDS; AND

(IV)   REQUIRED DEPOSITS.

(2)   ANY SAVINGS AND LOAN ASSOCIATION THAT IS
AGGRIEVED BY THE ACTION OR NONACTION OF THE DIVISION
DIRECTOR UNDER THIS SECTION MAY APPEAL UNDER TITLE 8,
SUBTITLE 4 OF THIS ARTICLE.

(C)   USE OF FUNDS.

SUBJECT TO SUBSECTION (D) OF THIS SECTION, AS TO ALL
FUNDS HELD IN A FIDUCIARY CAPACITY UNDER THIS SECTION, A
SAVINGS AND LOAN ASSOCIATION:

(1) SHALL SEGREGATE THE FUNDS FROM THE GENERAL