HARRY HUGHES, Governor                                      4127

MAY 16, 1985, THAT IS A SUBSIDIARY OF A CORPORATION THAT OWNS
ANOTHER SAVINGS AND LOAN ASSOCIATION INCORPORATED IN ANOTHER
STATE, MAY CONTINUE TO BE INSURED BY THE FUND UNTIL JULY 1, 1987.

10-118.

(A)  (1) AN ASSOCIATION THAT IS NOT A MAJOR ASSOCIATION AND
HAS TOTAL ASSETS OF AT LEAST $15,000,000 BUT LESS THAN
$40,000,000 IS NOT ELIGIBLE FOR NEW OR CONTINUED MEMBERSHIP IN
THE FUND ON OR AFTER JULY 1, 1987.

(2) AN ASSOCIATION THAT IS NOT A MAJOR ASSOCIATION
AND HAS TOTAL ASSETS OF LESS THAN $15,000,000 IS NOT ELIGIBLE FOR
NEW OR CONTINUED MEMBERSHIP IN THE FUND ON OR AFTER JULY 1, 1989.

(B)  NOTWITHSTANDING SUBSECTION (A) OF THIS SECTION, IF A
PROCEEDING HAS BEEN INSTITUTED UNDER TITLE 9, SUBTITLE 7 OF THIS
ARTICLE, THE ASSOCIATION SHALL REMAIN A MEMBER OF THE FUND UNTIL
CONCLUSION OF THE PROCEEDINGS.

10-119.

(A)  ANY PERSON WHO KNOWINGLY SUBMITS FALSE INFORMATION TO
THE FUND IS GUILTY OF A MISDEMEANOR.

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

SECTION 4. AND BE IT FURTHER ENACTED, That upon the
effective date of this Act: (i) the Maryland Savings-Share
Insurance Corporation shall be and is hereby merged into the
State of Maryland Deposit Insurance Fund Corporation, with the
State of Maryland Deposit Insurance Fund Corporation as the
surviving corporation, without need of the execution or filing of
any confirmatory or other articles or instruments; and (ii) all
of the assets, including but not limited to capital deposits,
reserves, and other tax attributes, all of the liabilities,
including but not limited to taxes, incurred losses, and other
insurance liabilities, and all of the rights, powers, duties,
obligations, and functions of the Maryland Savings-Share
Insurance Corporation are hereby transferred to the State of
Maryland Deposit Insurance Fund Corporation, to the extent
consistent with this Act, on the effective date of this . Act.
Wherever in the Code the terms "Maryland Savings-Share Insurance
Corporation" or "MSSIC" appear, they shall be construed to mean
the State of Maryland Deposit Insurance Fund Corporation.

SECTION 5. AND BE IT FURTHER ENACTED, That all savings and
loan associations that were members of the Maryland Savings-Share
Insurance Corporation immediately prior to the enactment of this
Act shall automatically become members of the State of Maryland