974

LAWS OF MARYLAND

Ch. 282

the applicability of certain provisions of    law to the

franchise tax and this Act; providing for the   failure of a

savings bank or association to take certain    action; and
generally relating to the franchise tax.

BY repealing and reenacting, with amendments,

Article 81 - Revenue and Taxes

Section 128(b), (c-1), (d), (e), and (h)

Annotated Code of Maryland

(1980 Replacement Volume and 1983 Supplement)

BY repealing

Article 81 - Revenue and Taxes

Section 128(f) and (g)

Annotated Code of Maryland

(1980 Replacement Volume and 1983 Supplement)

BY adding to

Article 81 - Revenue and Taxes

Section 128(f), (g), and (h)

Annotated Code of Maryland

(1980 Replacement Volume and 1983 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article 81 - Revenue and Taxes

128.

(b) (1) In this section the following terms have the
meanings indicated.

(2) "DIRECTOR" MEANS THE DIRECTOR OF THE DEPARTMENT
OF ASSESSMENTS AND TAXATION.

[(2)] (3) "Savings bank" means an institution or
corporation organized for receiving deposits of money and paying
interest thereon, other than banks having a capital stock.

[(3)] (4) "Savings and loan association" means a
corporation that is:

(i) Chartered under the laws of this State as a
savings and loan association; or

(ii) Chartered under the laws of any other
state or of the United States as a savings and loan association
and admitted to do business in this State.