HARRY HUGHES, Governor

1697

(a)  The Board of Commissioners exercises its powers and
performs its duties subject to the authority of the Secretary.

(b)  (1) The Board of Commissioners may adopt rules and
regulations to carry out the provisions of this article that
relate to savings and loan associations.

(2) EXCEPT AS OTHERWISE PROVIDED IN THIS TITLE AND IN
TITLE 9 OF THIS ARTICLE AND TO THE EXTENT REQUIRED TO PROMOTE AND
ASSURE THE BUSINESS AND FINANCIAL STABILITY OF SAVINGS AND LOAN
ASSOCIATIONS, THE RULES AND REGULATIONS ADOPTED BY THE BOARD OF
COMMISSIONERS UNDER THIS SECTION MAY INCLUDE REASONABLE
REQUIREMENTS AND LIMITATIONS ON THE TYPES AND AMOUNTS OF
INVESTMENTS, THE MANNER OF RAISING CAPITAL, AND THE NATURE AND

AMOUNTS OF RESERVES, EVEN IF THE LIMITATIONS RESTRICT

IRRESPECTIVE OF THEIR EFFECTS ON FREE ECONOMIC COMPETITION.

(c)  The Board of Commissioners may:

(1)  Advise and make recommendations to the Division
Director on any matter within the scope of the Division
Director's authority;

(2)  Recommend to the Secretary any changes that it
considers desirable in the laws governing savings and loan
associations; and

(3)  As to savings and loan associations, determine
procedures and standards for:

(i) Examinations;

(ii) Valuation of assets; and

(iii) Advertising and promotional activities.

(d)  The Board of Commissioners shall have a seal bearing
the inscription "Board of Savings and Loan Association
Commissioners of the State of Maryland".

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:

(10) Deposits in [or obligations of] any [bank]
FINANCIAL INSTITUTION insured by the Federal Deposit Insurance
Corporation OR THE FEDERAL SAVINGS AND LOAN INSURANCE CORPORATION
TO THE SAME EXTENT AND SUBJECT TO THE SAME CONDITIONS AS A
FEDERAL SAVINGS AND LOAN ASSOCIATION;

(11) Deposits in any other financial institution,
provided each deposit is insured by one of the following: