62

LAWS OF MARYLAND

Ch. 3

including offering financial assistance to facilitate the
merger or acquisition of member savings and loan
associations in certain circumstances; providing for the
termination of certain provisions of law; providing for
certain notification and review; making this Act an
emergency measure; and generally relating to acquisitions
and mergers of savings and loan associations and the powers,
duties, and purposes of the Fund, the Fund Corporation, and
the Fund Director.

BY adding to

Article - Financial Institutions

Section 5-1101 through 5-1107, inclusive, to be under the
new subtitle "Subtitle 11. Savings and Loan
Associations - Emergency Interstate Acquisitions";
3-701.1 and 3-703(d)

Annotated Code of Maryland

(1980 Volume and 1985 Supplement)

BY repealing and reenacting, with amendments,

Article - Financial Institutions

Section 3-701, 3-702, 3-712, and 9-627, and l0-110(a)

Annotated Code of Maryland

(1980 Volume and 1985 Supplement)

BY repealing and reenacting, with without amendments,

Article - Financial Institutions
Section 10-110(a) 3-703(c)
Annotated Code of Maryland
(1980 Volume and 1985 Supplement)

Preamble

WHEREAS, The current difficulties in the savings and loan
industry have resulted in the issuance by the Governor of various
Executive Orders prohibiting withdrawals from accounts in a
savings and loan association; and

WHEREAS, There are currently an estimated $2,000,000 in

deposits in savings and loan associations to which the depositors
currently have limited access; and

WHEREAS, The people of this State who are depositors depend
on access to their funds in order to meet their financial
obligations, maintain their health, and otherwise assure that
their standard of living is not jeopardized; and

WHEREAS, Some depositors have been placed in severe

financial difficulties because they have limited access to their
deposits, in extreme cases to the extent that they cannot feed,