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LAWS OF MARYLAND

Ch. 6

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
Deposit Insurance Fund Corporation on the effective date of this
Act.

SECTION 6. AND BE IT FURTHER ENACTED, That any limit
established by the Fund Director under § 10-110(b) of this Act
shall only apply to accounts established after the effective date
of this Act. Notwithstanding § 10-110(b) of this Act, any
account established on or before the effective date of this Act
shall be subject to the same terms and conditions of insurance
under the Maryland Deposit Insurance Fund Corporation as that
account was subject under the Maryland Savings-Share Insurance
Corporation.

SECTION 7. AND BE IT FURTHER ENACTED, That the life of the
Fund is perpetual, and the Fund is exempt from all special and
ordinary taxes and all documentary stamp and transfer taxes
imposed by this State or any political subdivision thereof,
including the tax imposed under the subtitle "Income Tax" of
Article 81 of the Code, as amended from time to time.

SECTION 8. AND BE IT FURTHER ENACTED, That the Governor, in
consultation with the Speaker of the House of Delegates and the
President of the Senate, shall appoint a special committee to
study the effects of this Act on savings and loan associations
with total assets of less than $40,000,000 and make appropriate
recommendations.

SECTION 9. AND BE IT FURTHER ENACTED, That no claim of any
nature whatsoever shall arise against, and no liability shall be
imposed upon, the Fund Director or any officer, director, or
employee of the Fund or of this State for any statement made or
actions taken in good faith exercise of the powers granted and
duties imposed under this Act.

SECTION 10. AND BE IT FURTHER ENACTED, That the Governor
shall review the Division of Savings and Loan, Department of
Licensing and Regulation, for the purpose of recommending
improvements in Division organization, staff, equipment, and
enforcement capabilities, and report his findings to the
Legislative Policy Committee by October 1, 1985, including
recommendations for the Division's FY 1987 budget.

SECTION 11. 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