HARRY HUGHES, Governor

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application, and to this end all the provisions of this Act are
declared to be severable.

SECTION 4. AND BE IT FURTHER ENACTED, That by May 21, 1985
the Governor shall submit to the General Assembly a plan to
administratively implement the procedures for adjustments and
exceptions set forth in § 15B 3(b)(4) as enacted by this Act.

(b) After consultation with the President of the Senate and
the Speaker of the House, if available, the Governor by Executive
Order may declare that an emergency exists and may:

(6) Exercise the powers of one or more of the Board
of Savings and Loan Commissioners, the Director of the Division
of Savings and Loan Associations, AND THE BOARD OF DIRECTORS and
the FUND Director of the STATE OF Maryland Deposit Insurance
Fund Corporation under Titles 9 and 10 of the Financial
Institutions Article;

SECTION 5 2. 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 21, 1985.

CHAPTER 9

(Senate 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 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 insurance under the Fund, with
certain exceptions; providing for certain procedures for