HARRY HUGHES, Governor                                       1041

Director from approving loans and by limiting officers,
directors, family members, employees, and staff only to
loans from the savings and loan association for a mortgage
on the principal residence or loans against their savings
accounts relating to certain persons; prohibiting the
Division Director or Deputy Division Director from being
employed by or receiving any compensation from or taking
certain action in regard to savings and loan associations
for a certain period; providing certain penalties:
increasing the initial subscription for savings accounts;
revising repealing the initial general reserve fund and the
general reserve fund provisions; revising the expense fund
provisions and adding a net worth requirement; increasing
the initial subscription for the capital stock account;
revising the provisions relating to examinations and audits
of savings and loan associations and related entities;
requiring statements of financial condition to be filed
quarterly and to be published annually: providing for the
compensation of directors and officers and agents of savings
and loan associations; prohibiting dividends from being paid
out to shareholders stockholders or declared unless the
association's reserves are a certain percentage; specifying
provisions of the allocation of the profits of the
association; revising generally the provisions relating to
investments and loans by savings and loan associations and
related entities; setting forth percentage limitations on
certain investments; providing that if an association fails
to qualify for State or and federal insurance, the
association must immediately go into receivership; providing
civil and criminal penalties for violations of the
provisions of this Act; providing for the applicability and
construction of this Act; making the provisions of this Act
severable; providing for a transitory period for compliance
with certain provisions of this Act; defining certain terms;
providing for the applicability of this Act to certain small
savings and loan associations; providing for certain
investigations and reports: and generally relating to the
regulation of State-chartered savings and loan associations
in the State of Maryland.

BY repealing and reenacting, with amendments,

Article - Financial Institutions

Section 8-101,   8-104, 8-202, 8-205,           8-206,         8-208.     8-209,

8-302, 8-304, 8-305, 8-306, 8-307, 8-401,   8-402,

8-408,   9-101, 9-102, 9-201, 9-203, 9-205,     9-206,

9-207, 9-208, 9-209, 9-210, 9-212, 9-216,   9-217,

9-218,   9-219, 9-221, 9-224, 9-306, 9-308,     9-309,

9-310, 9-314, 9-320, 9-321, 9-328, 9-402,   9-404,

9-405,   9-416, 9-419, 9-421, 9-423, 9-427,     9-428,

9-501, 9-502, 9-503, 9-504, 9-602, 9-603,   9-604,

9-609,   9-611, 9-612, 9-618, 9-620, 9-621,     9-622,

9-623, 9-624, 9-630, 9-701, 9-702, 9-703,   9-704,

9-708,   9-802, 9-803, 9-901, 9-905, and 9-908

Annotated Code  of Maryland