HARRY HUGHES, Governor
33
SECTION 3. AND BE IT FURTHER ENACTED, That if any provision
of this Act or the application thereof to any person or
circumstance is held invalid for any reason, the invalidity shall
not affect the other provisions or any other application of this
Act which can be given effect without the invalid provisions or
application, and to this end all the provisions of this Act are
declared to be severable.
SECTION 4. AND BE IT FURTHER ENACTED, That by May 21, 1985
the Governor shall submit to the General Assembly a plan to
administratively implement the procedures for adjustments and
exceptions set forth in § 15B 3(b)(4) as enacted by this Act.
(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:
(6) Exercise the powers of one or more of the Board
of Savings and Loan Commissioners, the Director of the Division
of Savings and Loan Associations, AND THE BOARD OF DIRECTORS and
the FUND Director of the STATE OF Maryland Deposit Insurance
Fund Corporation under Titles 9 and 10 of the Financial
Institutions Article;
SECTION 5 2. 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
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.
Approved May 21, 1985.
CHAPTER 9
(Senate Bill 6)
AN ACT concerning
The State of Maryland Deposit Insurance Fund Corporation
FOR the purpose of repealing the provisions of law governing the
Maryland Savings Share Insurance Corporation, creating a new
State of Maryland Deposit Insurance fund Corporation (the
"Fund") in the Department of Licensing and Regulation for
the purpose of insuring savings and loan
associations; providing that the Fund shall be administered
so as to provide insurance for certain accounts and provide
funds for liquidity to member savings and loan associations;
|