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LAWS OF MARYLAND

Ch. 33

was a "power", the express purpose of the
Corporation in § 10-103(3) of this title, clearly
indicates that providing insurance through the
fund is a duty.

In subsection (a) of this section, the term
"savings" is substituted for "free-share" to
conform to current terminology and to sake clear
that the corporation insures all savings accounts
and not only those that represent a mutual share
interest.

In subsection (b) of this section, the term
"savings" is substituted for "share" to conform
to current terminology.

"Corporation" is defined in § 10-101 of this
title.

10-106. MEMBERSHIP — APPLICATIONS; CERTIFICATION BY
DIRECTOR.

(A)   APPLICATION AND REFERRAL.

(1)   ANY ASSOCIATION OR THE INCORPORATORS OF A
PROPOSED ASSOCIATION MAY APPLY TO THE CORPORATION TO BECOME
A MEMBER.

(2)   THE CORPORATION SHALL REFER EACH APPLICATION
THAT IT RECEIVES TO THE DIVISION DIRECTOR FOR CERTIFICATION
OF INSURABILITY.

(B)   CERTIFICATION BY DIVISION DIRECTOR.

IF THE DIVISION DIRECTOR APPROVES THE FINANCIAL
AFFAIRS, SOLVENCY, MANAGEMENT, AND BOARD OF DIRECTORS OF AN
ASSOCIATION OR PROPOSED ASSOCIATION FOR INSURANCE OF
FREE-SHARE SAVINGS ACCOUNTS, THE DIVISION DIRECTOR SHALL
CERTIFY THAT FACT TO THE CORPORATION.

REVISOR'S NOTE: This section is new language derived
without substantive change from the first part of
the first sentence of Art. 23, § 161PP.

In this section, the phrase "proposed
association" is added since in practice the
procedure for becoming insured is part of the
overall procedure for incorporating. All
existing associations are insured, either by the
federal or State agency.

Subsection (a) (2) of this section is new language
implied from the requirement that the Division
Director certify an association for insurability.

In subsection (b) of this section, the term
"savings" is substituted for the term