4118

LAWS OF MARYLAND

Ch. 5

(7) (8) NET WORTH CERTIFICATES SHALL BE DEEMED TO BE
CAPITAL OF THE ISSUING ASSOCIATION FOR ALL STATUTORY, REGULATORY
AND ACCOUNTING PURPOSES.

(B) (1) ANY PERSON WHO KNOWINGLY SUBMITS FALSE INFORMATION
CONCERNING A NET WORTH CERTIFICATE IS GUILTY OF A MISDEMEANOR.

(2) A PERSON WHO VIOLATES THIS SECTION IS SUBJECT TO
A FINE OF NOT MORE THAN $5,000 OR IMPRISONMENT FOR NOT MORE THAN
5 YEARS, OR BOTH.

SECTION 3. AND BE IT FURTHER ENACTED, That no claim of any
nature whatsoever shall arise against, and no liability shall be
imposed upon, the Fund Director or any officer, director, or
employee of the Fund or of the State for any statement made, or
actions taken, in good faith exercise of the powers granted and
duties imposed under this Act.

SECTION 4. AND BE IT FURTHER ENACTED, That this Act is
hereby declared to be an emergency measure and necessary for the
immediate preservation of the public health and safety and having
been passed by a yea and nay vote supported by three-fifths of
all the members elected to each of the two Houses of the General
Assembly, the same shall take effect from the date of its
passage.

Approved May 18, 1985.

CHAPTER 6

(House Bill 6)

AN ACT concerning

The State of Maryland Deposit Insurance Fund Corporation

FOR the purpose of repealing the provisions of law governing the
Maryland Savings-Share Insurance Corporation; creating a new
State of Maryland Deposit Insurance Fund Corporation (the
"Fund") in the Department of Licensing and Regulation for
the purpose of insuring savings and loan associations;
providing a certain exception to the requirement that State
Savings and Loans be insured by the Fund or the Federal
Savings and Loan Insurance Corporation; providing that the
Fund shall be administered so as to provide insurance for
certain accounts and provide funds for liquidity to member
savings and loan associations; providing for a Fund Director
and Board of Directors and prescribing certain powers and
duties of the Fund Director and Board of Directors; allowing
the Fund Director and the Board of Directors to limit