HARRY HUGHES, Governor                                         25

10-112.

(A)  AN ASSOCIATION BECOMES A MEMBER WHEN ITS APPLICATION IS
APPROVED BY THE FUND DIRECTOR.

(B)  SUBJECT TO 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 DEPOSIT PREVIOUSLY MADE WITH THE ADVANCED TO
MARYLAND SAVINGS-SHARE INSURANCE CORPORATION AND ALL OR PART OF
ANY CAPITAL DEPOSIT REQUIRED FOR MEMBERSHIP IN THE FUND.

(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.

(A)  SUBJECT TO THE APPROVAL OF THE BOARD, THE FUND DIRECTOR
SHALL ADOPT RULES AND REGULATIONS TO CARRY OUT THE PROVISIONS OF
THIS TITLE.

(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.

(2) THE TOTAL OF PREMIUMS AND CAPITAL DEPOSITS
IMPOSED ON A MEMBER ASSOCIATION MAY NOT BE LESS THAN THE
COMPARABLE PREMIUMS, ASSESSMENTS, AND CAPITAL DEPOSITS IMPOSED
FOR FEDERAL INSURANCE.

10-114.

SECTION 9-504 OF THIS ARTICLE DOES NOT PREVENT THE DIVISION
DIRECTOR AND THE FUND DIRECTOR FROM EXCHANGING INFORMATION ABOUT
AN ASSOCIATION.

10-115.

THE FUND IS NOT SUBJECT TO ARTICLE 48A OF THE CODE.

10-116.

IT IS THE POLICY OF THIS STATE THAT FUNDS WILL BE
APPROPRIATED TO THE FUND TO THE EXTENT NECESSARY TO PROTECT
HOLDERS OF SAVINGS ACCOUNTS IN MEMBER ASSOCIATIONS.

10-117.

(A) A MAJOR ASSOCIATION IS NOT ELIGIBLE FOR NEW OR
CONTINUED MEMBERSHIP IN THE FUND ON OR AFTER JUNE 1, 1985, UNLESS
IT QUALIFIES UNDER SUBSECTION (B) OF THIS SECTION.