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LAWS OF MARYLAND

Ch. 796

CHAPTER 796

(Senate Bill 325)

AN ACT concerning

Savings and Loan Associations - Investments

FOR the purpose of providing that savings and loan
associations may invest in deposits or obligations only
of insured financial institutions of this State or
other states; providing that savings and loan
associations may invest in deposits or obligations of a
financial institution after the total deposits in all
branches of the investing association exceed an amount
equal to a certain factor times the number of State
chartered savings and loan associations in the State.

BY repealing and reenacting, with amendments,

Article - Financial Institutions
Section 9-419(a)(ll)
Annotated Code of Maryland
(1980 Volume and 1981 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
read(s) as follows:

Article - Financial Institutions

9-419.

(a) Subject to the regulations of the Board of
Commissioners, a savings and loan association may invest in
any of the following types of investments:

(11) Deposits in or obligations of [any]:

(I)  ANY INSURED financial institution of
this State; OR

(II)  AFTER ANY INSURED FINANCIAL
INSTITUTION OF ANY STATE, AFTER THE INVESTING SAVINGS AND
LOAN ASSOCIATION HAS TOTAL DEPOSITS IN ALL BRANCHES WHICH
EXCEED AN AMOUNT EQUAL TO $100,000 , TIMES THE NUMBER OF
STATE CHARTERED SAVINGS AND LOAN ASSOCIATIONS IN THE STATE
, ANY FINANCIAL INSTITUTION OF ANY STATE;