1126

LAWS OF MARYLAND

Ch. 282

[9-427.] 9-426. Trustee or custodian under federal retirement
acts.

If the Division Director approves its application, a savings
and loan association may act as a trustee or custodian under any
pension or retirement act of the federal government or of any
state.

[9-428. Right to act to avoid loss.

With the WRITTEN approval of the Division Director, a
savings and loan association may [invest its funds,] operate a
business, manage or deal in property, or take any other action
over any period of time AS DETERMINED BY THE DIVISION DIRECTOR
that may be reasonably necessary to avoid loss on a loan or
investment made or obligation created in good faith.]

Subtitle 5. Supervision of Records of Associations.

9-501. "Savings and Loan Association" defined.

In this subtitle, "savings and loan association" includes a
service company, [or] subsidiary, OR HOLDING COMPANY OR RELATED
ENTITY of a savings and loan association.

9-502. Examinations; audits; investigations; special reports.
(a) Examinations.

(1)  (I) At least once every [2 years] YEAR and at any
other time that the Division Director considers necessary
APPROPRIATE, the Division Director shall have an examination made
into the business of each savings and loan association NOT
INSURED BY THE FEDERAL SAVINGS AND LOAN INSURANCE CORPORATION.
THE COSTS, AS COMPUTED BY THE DIVISION DIRECTOR, OF ANY
EXAMINATION MADE BY THE DIVISION DIRECTOR SHALL BE PAID BY THE
ASSOCIATION.

(II) AS TO A SAVINGS AND LOAN ASSOCIATION
INSURED BY THE FEDERAL SAVINGS AND LOAN INSURANCE CORPORATION,
THE DIVISION DIRECTOR SHALL HAVE AN EXAMINATION MADE INTO THE
BUSINESS OF SUCH ASSOCIATION AT SUCH TIME AS THE DIVISION
DIRECTOR CONSIDERS NECESSARY APPROPRIATE, BUT AT LEAST EVERY 18
MONTHS. THE COSTS, AS COMPUTED BY THE DIVISION DIRECTOR, OF ANY
EXAMINATION MADE BY THE DIVISION DIRECTOR SHALL BE PAID BY THE
ASSOCIATION.

(2)  (I) WITHIN 2 MONTHS FROM THE COMPLETION OF EVERY
EXAMINATION, THE DIVISION DIRECTOR SHALL COMMUNICATE IN WRITING
THE RESULT OF EVERY THE EXAMINATION TO THE PRESIDENT OF THE
ASSOCIATION EXAMINED AND TO EACH MEMBER OF THE BOARD OF DIRECTORS
OF THE ASSOCIATION.

(II) THE BOARD OF DIRECTORS SHALL PROMPTLY
REPORT CORRECTIVE ACTION TAKEN TO THE DIVISION DIRECTOR AND THE