1076

LAWS OF MARYLAND

Ch. 282

(b)  Nonuse or failure to begin.

A savings and loan association forfeits its charter for
nonuse if it:

(1)  Has not begun business within 180 days of the
acceptance for record of its articles of incorporation, except
that the [Board of Commissioners] DIVISION DIRECTOR may grant one
[or more extensions] EXTENSION of not more than 180 days [each];
or

(2)  After beginning business, does not engage
actively in business during any continuous period of 180 days.

(c)  Procedure.

The charter of the savings and loan association is void when
the State Department of Assessments and Taxation receives a
certified copy of a final order, issued by the [Board of
Commissioners under Title 8, Subtitle 4 of this article] DIVISION
DIRECTOR, that:

(1)  Finds there is no just cause for the failure to
begin or engage in business; and

(2)  Directs the savings and loan association to
dissolve its business.

9-211. Charter amendment.

(a)  In general.

The charter of a savings and loan association may be amended
as provided in Title 2, Subtitle 6 of the Corporations and
Associations Article and this section.

(b)  Filing.

Articles of amendment shall be filed and approved as
required by this subtitle for articles of incorporation, except
that:

(1)  A notice of the filing need not be published; and

(2)  A filing fee is not required.
9-212. Revival of charter.

(a) In general.

A savings and loan association that forfeits its charter may
revive the charter in accordance with Title 3, Subtitle 5 of the
Corporations and Associations Article only if: