HARRY HUGHES, Governor

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(I)  IT COMPLIES WITH TITLE 3 OF THE
CORPORATIONS AND ASSOCIATIONS ARTICLE, EXCEPT AS PROVIDED IN THIS
SECTION; AND

(II)  THE PLAN OF CONSOLIDATION, MERGER, OR
TRANSFER OF ASSETS IS APPROVED BY:

1.  THE BOARD OF DIRECTORS OF EACH SAVINGS
AND LOAN ASSOCIATION PARTY TO THE TRANSACTION;

2.  UNLESS ITS CHARTER OR BYLAWS PROVIDE
OTHERWISE THE MEMBERS OF EACH SAVINGS AND LOAN ASSOCIATION BY A
MAJORITY OF ALL VOTES CAST AT A MEETING OF MEMBERS AT WHICH A
QUORUM IS PRESENT; AND

3.  THE DIVISION DIRECTOR.

10-110.

(a) (1) (I) The moneys of the Maryland Deposit Insurance
Fund Corporation shall be maintained in a special nonlapsing
fund, to be called the "Maryland Deposit Insurance Fund".

(II) IN ADDITION TO THE POWERS EXPRESSLY
PROVIDED IN THIS TITLE, THE FUND SHALL HAVE, AND THROUGH THE FUND
DIRECTOR MAY EXERCISE TO THE EXTENT OF THE MONEYS IN AND
AVAILABLE TO THE FUND, ALL THE CORPORATE POWERS GRANTED MARYLAND
CORPORATIONS UNDER THE MARYLAND GENERAL CORPORATION LAW.

(2) The Fund Director shall administer the Maryland
Deposit Insurance Fund AND CONSULT WITH THE BOARD for the
purposes of:

(i) Insuring the savings accounts of member
associations;

(ii) Purchasing capital instruments, including
net worth certificates, issued by a member association to enable
that member association to qualify for federal insurance;

(iii) Reimbursing savings account holders for
loss incurred upon liquidation of a member association, up to the
amount of insurance on any savings account; [and]

(iv) Providing funds for liquidity to OR
ISSUING OBLIGATIONS AGAINST THE FUND FOR, OR ACQUIRING SECURITIES
OF OR FROM a member association, AFFILIATE, OR ACQUIRING ENTITY
in an emergency AS DETERMINED BY THE FUND DIRECTOR; AND

(V) MAKING CAPITAL CONTRIBUTIONS TO MEMBER
ASSOCIATIONS OR ENTITIES ACQUIRING, CONSOLIDATING, OR MERGING
WITH, OR ACQUIRING ASSETS AND ASSUMING OBLIGATIONS OF, MEMBER
ASSOCIATIONS, IF THE FUND DIRECTOR DETERMINES THAT: