3770

VETOES

(2) Submitted at the annual meeting.
(b) A savings and loan association shall:

(1)  Send OR PROVIDE the annual statement of financial
condition to any [member] PERSON on request; and

(2)  Within 20 days after the annual meeting:

(i) Have the annual statement of financial
condition available at each of its offices in this State; and

(ii) Send a statement of the salaries, fees,
and expense accounts paid to the officers and directors of the
association, certified by an officer of the association, to the
Division Director, who shall make them available to any member on
request.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1985.

May 28, 1985
The Honorable Melvin A. Steinberg
President of the Senate
State House
Annapolis, Maryland 21404

Dear Mr. President:

In accordance with Article II, Section 17 of the Maryland
Constitution, I have today vetoed Senate Bill 111.

This bill expands the authority of the Savings and Loan
Division by allowing the Division' s director to issue a cease and
desist order to any savings and loan association to stop an
unsafe or unsound business practice, to protect the public
interest, or for violations of law or rules and regulations of
the State Savings and Loan Commissioners.

House Bill 333, which was passed by the General Assembly and
signed by me on May 21, 1985, accomplishes the same purpose.
Therefore, it is not necessary for me to sign Senate Bill 111.

Sincerely,
Harry Hughes
Governor