HARRY HUGHES, Governor

523

ANY AGGRIEVED FOREIGN ASSOCIATION OR SAVINGS AND LOAN
ASSOCIATION THAT APPLIES TO RELOCATE ITS OFFICE UNDER
SUBSECTION (A) OF THIS SECTION MAY APPEAL A FINAL ORDER OF
THE DIVISION DIRECTOR UNDER TITLE 8, SUBTITLE 4 OF THIS
ARTICLE.

REVISOR'S NOTE: This section is new language derived
without substantive change from part of the sixth
sentence of Art. 23, § 156.

In subsection {a) of this section, the approval
of the Division Director is retained even though
the application to relocate an office under §
9-307 of this title also requires the Director's
approval since retention here may give the
Director greater discretion as to approval.

Also in subsection (a) of this section, the term
"Maryland" savings and loan association is added
for emphasis.

9-807. RECIPROCAL PROVISIONS.

IF A FOREIGN    JURISDICTION AMENDS ANY OF ITS LAW IN

EFFECT ON JULY 1,   1967, AND THE AMENDMENT AFFECTS THE RIGHTS

OR OBLIGATIONS OF    A MARYLAND SAVINGS AND LOAN ASSOCIATION TO

DO BUSINESS IN      THE FOREIGN JURISDICTION, THE AMENDED LAW
SHALL BE APPLIED IMMEDIATELY TO THE FOREIGN ASSOCIATIONS OF

THAT JURISDICTION    THAT ARE AUTHORIZED TO DO BUSINESS IN THIS
STATE.

REVISOR'S NOTE: This section presently appears as the
fourth sentence of Art. 23, § 156.

The phrase "rights or obligations" is substituted
for "the right, or changing the taxes, fees or
penalties required" (to do business).

The phrase "(law) in force at the effective date
of this act relating to associations" is deleted
as included in the phrase "in force on July 1,
1967".

"Maryland" is added to the defined term     "savings

and loan association" for clarity     in this

instance of comparison with a foreign
association.

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

GENERAL REVISOR'S NOTE:

NOTE TO GENERAL ASSEMBLY: Present Art. 23, § 161LL-3,
which provides for review and possible termination of
regulatory bodies and activities, does not include present
Art. 23, § 156 from which this subtitle is derived.