34                                                LAWS OF MARYLAND                                     Ch. 9

providing for a Fund Director and Board of Directors and
prescribing certain powers and duties of the Fund Director
and Board of Directors; allowing the Fund Director and the
Board of Directors to limit insurance under the Fund, with
certain exceptions; providing for certain procedures for
application to the Fund by a savings and loan association;

providing for certain assessments and nonrefundable

premiums; stating certain State policy; exempting the Fund
from certain provisions of law; restricting the membership
of savings and loan associations in the Fund to certain time
frames and conditions; providing for the appointment of a
conservator or receiver under certain conditions; defining
certain terms; providing that the Maryland Savings Share
Insurance Corporation shall be merged with the Fund and that
the Fund shall be the surviving corporation; providing that
savings and loan associations which were members of the
Maryland Savings Share Insurance Corporation automatically
become members of the Fund; providing that all of the income
and surplus of the Fund shall inure to the State of
Maryland; granting immunity from claims and liabilities to
certain persons under certain conditions; providing that
this Act is an emergency measure; providing a certain
penalty for a violation of this Act; and generally relating
to the Maryland Deposit Insurance Fund Corporation and
savings and loan associations.

FOR the purpose of requiring that all moneys and other assets of
the former Maryland Savings-Share Insurance Corporation
Central Reserve Fund continue to be segregated and
maintained by the State of Maryland Deposit Insurance Fund
Corporation to provide liquidity and are not subject to any
insurance claim; permitting the Fund Director to issue
instruments evidencing the interests of members in the Fund;
deleting an erroneous cross-reference; and making this Act
an emergency measure.

BY repealing and reenacting, with amendments,

Article 41 - Governor - Executive and Administrative

Departments
Section 221A(a)
Annotated Code of Maryland
(1982 Replacement Volume and 1984 Supplement)

BY repealing and reenacting, with amendments,

Article - Financial Institutions

Section 9-709 and 9-901
Annotated Code of Maryland
(1980 Volume and 1984 Supplement)

BY repealing