4144                                                   LAWS OF MARYLAND                                          Ch. 9

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. However, if any provision, or portion of a provision of
this Act cannot take effect immediately, the specific provision,
or portion of a provision, shall take effect June 1, 1985.

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Financial Institutions

10-112.

(a)  An association becomes a member when its application is
approved by the Fund Director.

(b)  Subject to the terms and conditions adopted by the Fund
Director and approved by the Board, a member association may
withdraw at any time from the Fund and have returned all or part
of any capital advanced to THE Maryland Savings-Share Insurance
Corporation and all or part of any capital deposit required for
membership in the Fund. ALL MONEYS AND OTHER ASSETS OF THE
FORMER MARYLAND SAVINGS-SHARE INSURANCE CORPORATION CENTRAL
RESERVE FUND SHALL CONTINUE TO BE SEGREGATED AND MAINTAINED BY
THE FUND TO PROVIDE LIQUIDITY AND ARE NOT SUBJECT TO ANY
INSURANCE CLAIM.

(c)  The net earnings of the Fund shall be accumulated for
the benefit of the State and may not be returned to any member
association.

10-113.

(b)  (1) Subject to the approval of the Board, the Fund
Director may adopt rules and regulations providing for the
payment of nonrefundable premiums instead of or in addition to
capital deposits required for membership in the Fund AND MAY
ISSUE INSTRUMENTS EVIDENCING THE INTERESTS OF MEMBERS IN THE
FUND.

10-117.

(c)  (1) If, at any time, the Fund Director determines that
an association [that is open for business pursuant to Section
9-901(b) of this article will not finally qualify for federal
insurance or] is [otherwise] being operated in an unsafe and
unsound manner, or that there is not a substantial likelihood
that a major association will qualify for federal insurance and
that it is in the public interest, the Fund Director may exercise
all of the powers of the Board of Savings and Loan Commissioners
under Title 9, Subtitle 7, of this article to institute
proceedings for the appointment of a conservator or a receiver.