HARRY HUGHES, Governor

507

(II) KEEP ONE COPY OF THE ENDORSED

CONFORMED COPY ARTICLES.

REVISOR'S NOTE: This section is new language derived
without substantive change from CA §§ 6-229(f),
(g), and (h) and 6-230(a).

In subsection (a) of this section, the word
"bylaws" is added as a normal administrative
requirement to conform to similar provisions
elsewhere in this title.

In subsection (c) of this section, "applicant" is
substituted for "member of an association" since
it is the corporation, not the individual members
who would appeal. This also conforms to similar
provisions elsewhere in this subtitle.

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

9-625. STATUS AS A STATE-CHARTERED SAVINGS AND LOAN
ASSOCIATION.

(A)       FILING FOR RECORD.

ON FINAL APPROVAL OF THE ARTICLES OF INCORPORATION BY
THE BOARD OF COMMISSIONERS, THE BOARD OF DIRECTORS OF THE
CONVERTING ASSOCIATION SHALL FILE FOR RECORD WITH THE STATE
DEPARTMENT OF ASSESSMENTS AND TAXATION THE ENDORSED,
EXECUTED ARTICLES OF INCORPORATION.

(B)       STATE-CHARTERED STATUS.

WHEN THE STATE DEPARTMENT OF ASSESSMENTS AND TAXATION
ACCEPTS THE ARTICLES OF INCORPORATION FOR RECORD, THE
FEDERAL ASSOCIATION BECOMES A MARYLAND SAVINGS AND LOAN
ASSOCIATION.

(C)   CERTIFICATE OF FILING FOR RECORD.

THE BOARD OF DIRECTORS OF THE CONVERTED ASSOCIATION
SHALL SEND TO THE BOARD OF COMMISSIONERS A COPY OF THE
CERTIFICATE ACKNOWLEDGING ACCEPTANCE OF THE ARTICLES OF
INCORPORATION.

REVISOR'S NOTE: This section is new language derived
without substantive change from CA § 6—230(b) and
(c).

Subsection (c) of this section is new language
added as normal administrative practice and to
conform to similar provisions elsewhere in this

title.

"Maryland" is added to the defined term "savings