HARRY HUGHES, Governor

513

The term "Corporation" is defined in § 10—101 of
this title.

10-114. APPLICATION OF STATE INSURANCE LAWS.

THE CORPORATION, ITS MEMBERS, AND OWNERS OF FREE-SHARE
SAVINGS ACCOUNTS IN A MEMBER ASSOCIATION ARE NOT SUBJECT TO
ARTICLE 48A OF THE CODE "INSURANCE" AS A RESULT OF ANY
ACTIVITIES OF THE CORPORATION UNDER THIS TITLE.

REVISOR'S NOTE: This section presently appears as Art.
23, § 161TT.

In this section, the term "savings" is
substituted for "free—share" to conform to
current terminology.

The only other changes are in style.

"Association" and "Corporation" are defined in §
10-101 of this title.

10-115. EXEMPTION FROM TAXATION.

THE CORPORATION IS EXEMPT FROM ALL SPECIAL AND ORDINARY
TAXES IMPOSED BY THIS STATE OR ANY OF ITS POLITICAL
SUBDIVISIONS, INCLUDING ANY STATE OR LOCAL INCOME TAX AND
ANY DOCUMENTARY STAMP OR TRANSFER TAX.

REVISOR'S NOTE: This section presently appears as Art.
23, § 161XX.

The only changes are in style.

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

10-116. STATE'S CREDIT NOT PLEDGED.

THIS TITLE DOES NOT, AND THE CORPORATION MAY NOT,
PLEDGE THE FAITH OR CREDIT OF THIS STATE.

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

10-117.

SUBJECT TO THE EVALUATION AND REESTABLISHMENT

PROVISIONS OF THE REGULATORY PROGRAMS EVALUATION ACT OF

1978. THE PROVISIONS OF §§ 10-101(D), 10-106, 10-107,

10-111, AND 10-112 OF THIS TITLE THAT RELATE TO THE BOARD OF
SAVINGS AND LOAN ASSOCIATION COMMISSIONERS AND THE DIVISION
OF SAVINGS AND LOAN ASSOCIATIONS AND RELATING TO REGULATION
OF SAVINGS AND LOAN ASSOCIATIONS ARE OF NO EFFECT AND MAY
NOT BE ENFORCED AFTER JULY 1, 1982.

REVISOR'S NOTE: This section is a new provision added