HARRY HUGHES, Governor

519

entirety by present Art. 23, § 161LL—3. However,
§§ 9-702, 9-703, and 9-705 which provide for the
powers and duties of a conservator, the operation
of a savings and loan association by a
conservator, and the circumstances for discharge
of a conservatorship, do not relate directly to
either the Board of Commissioners or the Division
of Savings and Loan Associations. Additionally,
only subsection (c) of the four subsections in §
9—704 relates to regulation.

SUBTITLE 8. FOREIGN ASSOCIATIONS.

9-801. "FOREIGN ASSOCIATION" DEFINED.

IN THIS SUBTITLE, "FOREIGN ASSOCIATION" MEANS ANY
SAVINGS AND LOAN ASSOCIATION OTHER THAN:

(1)   A SAVINGS AND LOAN ASSOCIATION INCORPORATED
UNDER THE LAWS OF THIS STATE; OR

(2)   A SAVINGS AND LOAN ASSOCIATION INCORPORATED
UNDER THE LAWS OF THE UNITED STATES THAT HAS ITS PRINCIPAL
OFFICE IN THIS STATE.

REVISOR'S NOTE: This section is new language added for
clarity.

In item (1) of this section, the phrase
"incorporated under the laws of this State" is
added for clarity, even though the defined term
"savings and loan association" has the same
meaning.

The definition does not include a Maryland
association that has its principal office in
another state as being a foreign association,
since the Maryland association would still be a
domestic association under Maryland Corporation
Law. Wherever a specific prohibition is intended
to apply to a Maryland association that has its
principal office in another state, it is stated
expressly.

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

9-802. OFFICE PROHIBITED; EXCEPTION.

EXCEPT FOR AN OFFICE THAT WAS OPEN FOR BUSINESS IN THIS
STATE BEFORE JUNE 1, 1955, A FOREIGN ASSOCIATION OR A
SAVINGS AND LOAN ASSOCIATION THAT MAINTAINS US PRINCIPAL
OFFICE OUTSIDE THIS STATE MAY NOT HAVE A BUSINESS OFFICE IN
THIS STATE.

REVISOR'S NOTE: This section is new language derived
without substantive change from part of the sixth