76

LAWS OF MARYLAND

Ch. 3

1.  THE AMOUNT OF THE CAPITAL CONTRIBUTION
IS SUBSTANTIALLY LESS THAN THE COST THAT THE FUND WOULD INCUR IF
THE MEMBER ASSOCIATION WERE LIQUIDATED, INCLUDING THE COST OF
REIMBURSING EACH SAVINGS ACCOUNT HOLDER IN THE INSURED AMOUNT OF
EACH SAVINGS ACCOUNT HOLDER'S DEPOSIT IN THE LIQUIDATED MEMBER
ASSOCIATION; AND

2.  THE MAKING OF THE CAPITAL CONTRIBUTION
IS NECESSARY TO FACILITATE THE ACQUISITION, CONSOLIDATION, OR
MERGERS OR TRANSFERS OF ASSETS AND OBLIGATIONS.

(3) (I) NOTWITHSTANDING ANY OTHER PROVISION IN THIS
SECTION, THE FUND DIRECTOR SHALL NOTIFY THE LEGISLATIVE POLICY
COMMITTEE OF ANY PROPOSED ACTION BY THE FUND DIRECTOR REGARDING
THE MAKING OF A CAPITAL CONTRIBUTION UNDER PARAGRAPH (2)(V) OF
THIS SUBSECTION AT LEAST 21 DAYS BEFORE THE ACTION REGARDING THE
CAPITAL CONTRIBUTION IS TAKEN.

(II) THE LEGISLATIVE POLICY COMMITTEE SHALL
ASSIGN THE PROPOSED ACTION BY THE FUND DIRECTOR REGARDING THE
MAKING OF A CAPITAL CONTRIBUTION FOR REVIEW BY THE APPROPRIATE
STANDING COMMITTEES.

(4) ANY AGREEMENT SPECIFYING THE TERMS AND CONDITIONS
OF A CAPITAL CONTRIBUTION UNDER THIS SECTION SHALL RETAIN ALL
CLAIMS THAT THE FUND MAY HAVE AGAINST OFFICERS, DIRECTORS,
EMPLOYEES, OR AGENTS OF ANY ACQUIRED SAVINGS AND LOAN
ASSOCIATION. THE FUND MAY CONDITION THE EXERCISE OF THOSE CLAIMS
ONLY TO THE EXTENT DEEMED NECESSARY FOR THE PROTECTION OF THE
PUBLIC INTEREST AND WELFARE AND MAY PROVIDE FOR AN
INDEMNIFICATION FOR REASONABLE EXPENSES.

SECTION 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. The provisions of § 9-627 of the Financial Institutions
Article as amended by this Act shall remain in effect until June
1, 1986 and at that time, without the need for any further action
by the General Assembly, shall be null and void and without
effect. Any transaction that was approved under these provisions
before that date remain subject to the terms and conditions that
were in effect before that date.

Approved October 25, 1985.