HARRY HUGHES, Governor

1075

with Title 8, Subtitle 4] UNDER § 8-403 of this article TITLE
[and Chapter 1100, Subtitle B of the Maryland Rules].

(d) Endorsed approval; refusal statement.

(1)  After the time for appeal of the order expires or
on final determination of any appeal taken, the [Board of
Commissioners] DIVISION DIRECTOR shall endorse and date each copy
of the articles "approved" or "refused".

(2)  If the [Board of Commissioners] DIVISION DIRECTOR
approves the articles, [it] THE DIVISION DIRECTOR shall:

(i) Return the endorsed, executed articles to
the chairman of the incorporators; and

(ii) Keep the conformed copy.

(3)  If the [Board of Commissioners] DIVISION DIRECTOR
refuses the articles, [it] THE DIVISION DIRECTOR shall return the
endorsed, executed articles to the chairman of the incorporators
[with a written statement as required by the Administrative
Procedure Act].

9-209. Filing for record; status.

(a)  Filing required.

On final approval of the articles of incorporation by the
[Board of Commissioners] DIVISION DIRECTOR, the chairman of the
incorporators of a savings and loan association shall file for
record with the State Department of Assessments and Taxation the
endorsed, executed articles of incorporation.

(b)  Corporate status.

When the State Department of Assessments and Taxation
accepts the articles of incorporation for record in accordance
with subsection (a) of this section, the savings and loan
association becomes a corporation.

(c)  Certification of filing.

The chairman of the incorporators shall send TO THE DIVISION
DIRECTOR a copy of the certificate that acknowledges that the
articles of incorporation have been accepted for record [to the
Board of Commissioners].

9-210. Forfeiture of charter for failure to begin business or
for nonuse.

(a) "Business" defined.

In this section, "business" means receiving funds or making
loans.