HARRY HUGHES, Governor

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(II) A POWER OF AN ASSOCIATION PROVIDED IN THIS
TITLE AND TITLE 8 THAT IS SUBJECT TO APPROVAL OF THE DIVISION
DIRECTOR MAY NOT BE EXERCISED IN THE ABSENCE OF SUCH WRITTEN
APPROVAL.

SECTION 2. AND BE IT FURTHER ENACTED, That the enactment of
this Act, as it applies to the duties and responsibilities of
stockholders, officers, directors, controlling persons, agents,
and employees may not be construed to imply the nonexistence of a
duty or responsibility under law before June 1, 1986.

SECTION 3. AND BE IT FURTHER ENACTED, That the terms of the
members of the Board of Savings and Loan Association
Commissioners in office on June 1, 1986 are terminated on that
date. The Governor shall appoint the initial members of the Board
of Savings and Loan Association Commissioners selected under the
provisions of this Act as follows:

(1)  one industry member and one public member shall
be appointed for terms of one year;

(2)  one industry member and one public member 2
public members shall be appointed for terms of 2 years;

(3)  one industry member and one public member shall
be appointed for terms a term of 3 years; and

(4)  one industry member and 2 public members shall be
appointed for terms of 4 years.

SECTION 4. AND BE IT FURTHER ENACTED, That if any provision
of this Act or the application thereof to any person or
circumstance is held invalid for any reason in a court of
competent jurisdiction, the invalidity does not affect other
provisions or any other application of this Act which can be
given effect without the invalid provisions or application, and
for this purpose the provisions of this Act are declared
severable. No criminal penalty provided herein shall be
interpreted to apply in such a manner that would constitute an ex
post facto law.

SECTION 5. AND BE IT FURTHER ENACTED, That a savings and
loan association chartered under the laws of this State prior to
the effective date of this Act shall comply with the provisions
of § 9-204 and § 9-311 of the Financial Institutions Article, as
amended by Section 1 of this Act, on or before September 1, 1986.
Notwithstanding any other provision of Section 1 of this Act, an
association shall comply with a percentage limitation on the
amount of loans or investments by September 1, 1986 under § 9-419
and § 9-420 of the Financial Institutions Article, as amended by
Section 1 of this Act, and prior to that date may not make new