1158

LAWS OF MARYLAND

Ch. 282

loans or investments in violation of those provisions. Except as

otherwise expressly provided, an association shall comply with

all other provisions of this Act upon and after its effective
date.

SECTION 6. AND BE IT FURTHER ENACTED, That the catch-lines
contained in this Act are not law and may not be considered to
have been enacted as a part of this Act.

SECTIONS 8 7. AND BE IT FURTHER ENACTED, That:

(a) with respect to any savings and loan association with
assets of $15,000,000 or less, an association may apply to the
Division Director for a waiver from any provisions of Title 9 or
applicable regulations, except those relating to conflicts of
interest and the minimum net worth requirement, that create an
undue hardship on the association.

(b) in granting a waiver requested by an association in
accordance with subsection () of this section, the Division
Director must find, in writing, that, but for the statutory
provision or regulation to be waived, the association cannot
continue as a viable and financially stable association.

(c) any waiver granted under this section shall be reported
immediately to the Secretary of Licensing and Regulation and the
Legislative Policy Committee.

(d) the provisions of this section shall remain effective
for a period of 19 9 months and, at the end of December 31, 1987
February 28, 1987; and with no further action required by the
General Assembly, this Section shall be abrogated and of no force
and effect.

SECTION 8. AND BE IT FURTHER ENACTED, That:

(A) Any State official or public official who had
knowledge, as determined by the Governor with the advice of the
Special Counsel, which was not generally available to the public,
about the financially impaired condition of any savings and loan
association formerly insured by the Maryland Savings-Share
Insurance Corporation which was placed into conservatorship or
receivership after May 12, 1985 or acquired in a transaction
involving the acquisition of an association in conservatorship
after May 12, 1985, shall be required to file with the State
Ethics Commission a supplemental statement pursuant to Article
40A, § 4-102 disclosing the following information:

(1) The amounts of any withdrawals of deposits in
aggregate exceeding $10,000 by the official on any interest
attributable to such official pursuant to Article 40A, § 4-104 of
the Code from March 14, 1985 or the date of first obtaining
knowledge, whichever is latest, through May 14, 1985 from any of
the associations described in subsection (A) of this section; and