HARRY HUGHES, Governor

521

Department of Assessments and Taxation, as
appropriate.

In subsection (a) of this section, the present
phrase "of any kind" is deleted as included in
"loans".

In subsection (b) of this section, the phrase
"{s}ubject to Title 7 of the Corporations and
Associations Article" is added for clarity.

In subsection (b) (1) of this section, the phrase
"applicant foreign association" is substituted
for "such association, making application to do
business in Maryland".

Also in subsection (b)(1) of this section, the
defined term "any state" is substituted for "the
state, territory or District of Columbia" since
there is an apparent choice of states —
depending on state of incorporation or principal
place of business.

In subsection (b)(2)(ii) of this section, an

incorrect reference to the Department of

Assessments and Taxation is changed to the

Division Director. This function was at one    time

served by the State Tax Commission but was

transferred to the Division of Savings and   Loan
Associations.

The present provision in Art. 23, § 156 that
relates to compliance with the laws governing
domestic associations now appears in § 9-804 of
this subtitle.

The present provision in Art. 23, § 156 that
relates to the satisfaction of claims of Maryland
residents now appears in § 9-805 of this
subtitle.

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

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

"Any state" is defined in § 1-101 of this
article.

9-804. COMPLIANCE WITH STATE LAW.

A FOREIGN ASSOCIATION THAT IS ADMITTED TO DO BUSINESS
IN THIS STATE AS A SAVINGS AND LOAN ASSOCIATION SHALL
CONDUCT ITS BUSINESS IN ACCORDANCE WITH THIS TITLE AND
SUBJECT TO THE AUTHORITY OF THE BOARD OF COMMISSIONERS.