HARRY HUGHES, Governor

527

161AA, "or to offer, promise, or agree to do any
of the foregoing".

In subsection (d) of this section, the present
phrase "suitable evidence of" (the cost) is
deleted as unnecessary.

The last sentence of present Art. 23, § 161AA,
which defines "account", is deleted as

unnecessary.

"Board of commissioners" and "savings and loan
association" are defined in § 9—101 of this
title.

9-907. APPLICATION TO FEDERAL ASSOCIATIONS.

EXCEPT AS PROVIDED BY FEDERAL LAW, A FEDERAL
ASSOCIATION AND ITS MEMBERS ARE SUBJECT TO THIS ARTICLE AND
THE CORPORATIONS AND ASSOCIATIONS ARTICLE.

REVISOR'S NOTE: This section is new language derived
without substantive change from Art. 23, §
161B(c).

"Federal association" is defined in § 9-101 of
this title.

9-908. EFFECT OF CONVERSION INTO FEDERAL ASSOCIATION.

FOR PURPOSES OF TAXATION OR DOING BUSINESS IN THIS
STATE, ANY SAVINGS AND LOAN ASSOCIATION THAT CONVERTS TO A
FEDERAL ASSOCIATION SHALL BE REGARDED IN EVERY RESPECT AS A
DOMESTIC CORPORATION OF THIS STATE, AND ITS PROPERTY,
SHARES, AND ASSETS SHALL BE TAXED IN THE SAME MANNER AND TO
THE SAME EXTENT AS THOSE OF A MARYLAND SAVINGS AND LOAN
ASSOCIATION.

REVISOR'S NOTE: This section presently appears as Art.
23, § 159.

"Maryland savings and loan association" is
substituted for "domestic association" for
emphasis.

The only other changes are in style.

9-909. LIBERAL CONSTRUCTION.

TO FURTHER THE POLICIES OF THIS TITLE, ITS PROVISIONS
SHALL BE LIBERALLY CONSTRUED TO PROMOTE AND FOSTER THE
PURPOSES OF SAVINGS AND LOAN ASSOCIATIONS.

REVISOR'S NOTE: This section presently appears as Art.
23, § 161A(g).

The only changes are in style.