HARRY HUGHES, Governor

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The Governor has the emergency powers and duties set forth

in:

(1) Article 16A of the Code;

(2) Article 41, §§ 15B through [15B-2] 15B-3 of the
Code;

(3) Article 41, § 58 of the Code;

(4) Article 65, § 8 of the Code; and

(5) any other law.

Article 41 - Governor - Executive and Administrative

Departments

15B-3.

(A) (1) IN THIS SECTION THE FOLLOWING WORDS HAVE THE
MEANINGS INDICATED.

(2) "EMERGENCY" MEANS THOSE CAUSES SPECIFIED IN §
15B-2 OF THIS ARTICLE, AND ALSO INCLUDES A SITUATION WHERE THE
HEALTH, SAFETY, OR WELFARE OF DEPOSITORS IN ONE OR MORE SAVINGS
AND LOAN ASSOCIATIONS IS THREATENED BY AN ACTUAL OR IMPENDING
IMPAIRMENT OF LIQUIDITY OR SOLVENCY OF THE SAVINGS AND LOAN
ASSOCIATION OR THE UNSAFE OR UNSOUND OPERATION OF THE SAVINGS AND
LOAN ASSOCIATION OR ASSOCIATIONS.

(3) "SAVINGS AND LOAN ASSOCIATION" MEANS A

CORPORATION ON OR MUTUAL ASSOCIATION THAT IS CHARTERED UNDER THE
LAWS OF THIS STATE AS A SAVINGS AND LOAN ASSOCIATION AND IS NOT
INSURED BY THE FEDERAL SAVINGS AND LOAN INSURANCE CORPORATION.

(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:

(1) PROCLAIM ONE OR MORE DAYS DURING WHICH ONE OR
MORE SAVINGS AND LOAN ASSOCIATIONS AFFECTED BY THE EMERGENCY
SHALL REMAIN CLOSED AND NOT TRANSACT BUSINESS;

(2) SPECIFY THE TERMS AND CONDITIONS UNDER WHICH ANY
CLOSED SAVINGS AND LOAN ASSOCIATION MAY REOPEN;

(3) ESTABLISH TERMS AND CONDITIONS FOR THE LIMITED
OPERATION OF ONE OR MORE SAVINGS AND LOAN ASSOCIATIONS AFFECTED
BY THE EMERGENCY, INCLUDING BUT NOT LIMITED TO LIMITATIONS ON
WITHDRAWALS, HOURS, INTEREST RATES, AND TYPES OR TERMS OF
TRANSACTIONS;

(4) PROVIDE A PROCEDURE FOR AND MAKE SUCH ADJUSTMENTS
AND EXCEPTIONS AS MAY NECESSARY TO PREVENT INEQUITIES AND UNDUE
HARDSHIPS;