HARRY HUGHES, Governor                                       1069

[(2) Any person who violates subsection (a) of this
section is guilty of a misdemeanor and on conviction is subject
to a fine of not more than $1,000 for each offense.]

(C) CRIMINAL PENALTIES.

ANY PERSON WHO IS CONVICTED OF KNOWINGLY OR WILLFULLY
VIOLATING SUBSECTION (A) OF THIS SECTION IS SUBJECT BOTH TO

IMPRISONMENT IN THE PENITENTIARY FOR NOT LESS THAN 1 YEAR OR

MORE THAN 10 YEARS FOR EACH OFFENSE, AND OR A FINE OF NOT LESS
THAN $10,000 NOR MORE THAN $100,000 FOR EACH OFFENSE, OR BOTH.

[(C)] (D) EXCEPTION.

This section does not apply to the use of a similar name by
any corporation or association formed only to promote the
interests of savings and loan associations, the membership of
which is made up of savings and loan associations, their
officers, or other representatives.

Subtitle 2. Incorporation

Part I. In General

9-201. Purpose.

A savings and loan association shall be organized for the
purpose of receiving funds and making loans OR AND INVESTMENTS
AUTHORIZED BY THIS TITLE.

9-202. Formation in general.

(a)  Incorporators.

Subject to the provisions of this subtitle, five or more
adult individuals, each of whom is a resident of this State and a
citizen of the United States, may act as incorporators to form a
savings and loan association under this title.

(b)  Chairman of the incorporators.

The incorporators shall elect a chairman from among
themselves.

9-203. Name of savings and loan association.

The name of a savings and loan association:

(1)  Need not indicate that it is a corporation;

(2)  Shall contain one of the following phrases or any
combination of the words:

(i) "Savings association";