HARRY HUGHES, Governor

491

ASSETS OF THE ASSOCIATION;

(2)   MAY NOT USE THE FUNDS IN THE CONDUCT OF ITS
BUSINESS;

(3)   IF THE TRUST, CUSTODIAL, OR OTHER PLAN DOES
NOT PROHIBIT, MAY INVEST THE FUNDS IN ITS SAVINGS ACCOUNTS;
AND

(4)   MAY COMMINGLE THE FUNDS FOR APPROPRIATE
PURPOSES OF INVESTMENT.

(D) RECORDS.

A SAVINGS AND LOAN ASSOCIATION SHALL KEEP:

(1)       A SEPARATE SET OF BOOKS AND RECORDS THAT
DETAIL ALL TRANSACTIONS MADE UNDER THE AUTHORITY GRANTED BY
THIS SECTION, FOR ALL FUNDS HELD IN A FIDUCIARY CAPACITY
UNDER THIS SECTION; AND

(2)       INDIVIDUAL RECORDS FOR EACH SELF-EMPLOYED
INDIVIDUAL'S RETIREMENT PLAN AND EACH INVESTMENT FUND.

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

161H-A.

In this section, the present reference to "{u}pon
application to" is deleted as included in "{i}f
the Division Director approves".

In subsection (b)(1}(ii) of this section, the
present terms "amount,. type, and adequacy of" are
deleted as included in "reserves".

In subsection (b) (1) (iv) of this section, the
present term "legally" is deleted as unnecessary.

In subsection (b)(2) of this section, the term
"nonaction" is vague since there is no set time
within which the Division Director must act under
this section.

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

9-430. DEPOSITORY.

(A) POWER TO ACT AS A DEPOSITORY.

A SAVINGS AND LOAN ASSOCIATION MAY:

(1) ACT AS A DEPOSITORY OF FUNDS OF:

(I) THE FEDERAL GOVERNMENT AND ITS