HARRY HUGHES, Governor

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Maryland Savings-Share Insurance Corporation and imposed
certain limitation on withdrawals from accounts in those
institutions;

WHEREAS, On May 14, 1985, by a second Proclamation, the General
Assembly was called to convene in Extraordinary Session on
May 17, 1985, in the City of Annapolis, for the purpose of
enacting emergency legislation to protect depositors by
providing for the future regulation, governance and
insurance of associations then insured by the Maryland
Savings-Share Insurance Corporation;

WHEREAS, On May 17, 1985, the General Assembly passed seven
emergency bills to remedy the problem of financial
instability in these savings and loan associations, which
bills were signed into law and became effective in the early
morning of May 18, 1985.

WHEREAS, Chapter 1 of the Laws of the 1985 Extraordinary Session
(Senate Bill 1) expressly ratifies and confirms all actions
taken by the Governor pursuant to the Proclamation dated May
14, 1985, 4:47 p.m., and provides broad authority to the
Governor to effectively manage the emergency situation;

WHEREAS, Chapter 6 of the Laws of the 1985 Extraordinary Session
(House Bill 6) terminated the Maryland Savings-Share
Insurance Corporation and created the State of Maryland
Deposit Insurance Fund Corporation;

WHEREAS, I hereby find that the welfare of depositors in savings
and loan associations previously insured by the Maryland
Savings-Share Insurance Corporation remain threatened by
either actual or impending impairment of liquidity;

WHEREAS, The purpose of this Executive Order is to establish
certain terms and conditions under which savings and loan
associations previously insured by the Maryland
Savings-Share Insurance Corporation and now insured by the
State of Maryland Deposit Insurance Fund Corporation may
operate in this State;

NOW, THEREFORE, I, HARRY HUGHES, GOVERNOR OF THE STATE OF
MARYLAND, BY VIRTUE OF THE AUTHORITY VESTED IN ME BY THE
CONSTITUTION AND LAWS OF MARYLAND, INCLUDING BUT NOT LIMITED
TO ARTICLE 41, §§ 15B, 15B-2, 15B-3, HEREBY PROCLAIM THAT A
STATE OF PUBLIC CRISIS AND EMERGENCY EXISTS WITHIN THE STATE
OF MARYLAND AND HEREBY ORDER THAT:

(a) (1) In this Order, the following words have the
meanings indicated.

(2) "Association" or "savings and loan association"
means a savings and loan association that is
insured by the State of Maryland Deposit Insurance
Fund Corporation and that is not in a court-ordered