520

LAWS OF MARYLAND

Ch. 33

sentence of Art. 23, § 156.

"Foreign association" is defined in §, 9-801 of
this subtitle.

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

9-803. ADMISSION TO DO BUSINESS.

(A)       IN GENERAL.

A FOREIGN ASSOCIATION MAY NOT MAKE LOANS OR DO ANY
BUSINESS OF A SAVINGS AND LOAN ASSOCIATION IN THIS STATE
UNTIL IT HAS BEEN ADMITTED TO DO BUSINESS IN THIS STATE.

(B)       ADMISSION TO DO BUSINESS.

SUBJECT TO TITLE 7 OF THE CORPORATIONS AND ASSOCIATIONS
ARTICLE, A FOREIGN ASSOCIATION MAY BE ADMITTED TO DO
BUSINESS IN THIS STATE:

(1)       ON THE SAME TERMS AND CONDITIONS AS TO ANY
TAXES, FINES, PENALTIES, LICENSES, FEES, OR DEPOSITS THAT
ARE REQUIRED OF A MARYLAND SAVINGS AND LOAN ASSOCIATION TO
DO BUSINESS IN ANY STATE IN WHICH THE APPLICANT FOREIGN
ASSOCIATION IS INCORPORATED OR HAS ITS PRINCIPAL PLACE OF
BUSINESS;

(2)        AFTER THE FOREIGN ASSOCIATION:

(I)       HAS DEPOSITED WITH THE STATE TREASURER
ANY MONEY, SECURITIES, OF MORTGAGES REQUIRED UNDER ITEM {1)
OF THIS SUBSECTION:

(II)       HAS PAID TO THE DIVISION DIRECTOR ANY
TAXES, APPLICATION FEES, LICENSE TEES, OR RENEWAL FEES
REQUIRED UNDER ITEM (1) OF THIS SUBSECTION; AND

(III)       HAS FILED WITH THE STATE DEPARTMENT
OF ASSESSMENTS AND TAXATION ALL PAPERS IT REQUIRES,
INCLUDING A POWER OF ATTORNEY ESTABLISHING A RESIDENT AGENT;
AND

(3)       AFTER THE DIVISION DIRECTOR HAS DETERMINED
THAT THE FOREIGN ASSOCIATION HAS MET THE REQUIREMENTS OF
THIS SECTION.

REVISOR'S NOTE: This section is new language derived
without substantive change from the first,
second, third, and fifth sentences of Art. 23, §
156.

Throughout this section, the transfer of
authority provided in the fifth sentence of
present Art. 23, § 156 has been indicated by
substituting either the Division Director or the