116

LAWS OF MARYLAND

Ch. 5

Corporation OR THE STATE OF MARYLAND DEPOSIT INSURANCE FUND
CORPORATION;

DRAFTER'S NOTE: This amends § 8-202(a)(2)(i) of the
Financial Institutions Article to supplement a
reference to the obsolete Maryland Savings-Share
Insurance Corporation (MSSIC) with a reference to its
successor, the State of Maryland Deposit Insurance
Fund Corporation (MDIF).

Ch. 6 of the Acts of the First Special Session of the
General Assembly of 1985 eliminated the MSSIC and
replaced it with MDIF. Therefore, it is no longer
possible to be "at least 5 years immediately before
appointment" to the Board of Savings and Loan
Association Commissioners an officer or director of or
attorney for a Maryland savings and loan association
insured by the MSSIC. Conversely, neither is it
possible yet to be an officer or director of or
attorney for a Maryland savings and loan association
insured by the MDIF. Accordingly, this amends §
8-202(a)(2)(i) to include both the obsolete and
existing insurer.

The correction was suggested by the professional staff
of the Legislative Division of the Department of
Legislative Reference.

8-402.1.

(d)  (1) Before a cease and desist order takes effect, the
Division Director shall give the savings and loan association an
opportunity for a hearing before the Board of [Savings and Loan]
Commissioners.

(e)  (1) If the Division Director determines that the
violation or practice under subsection (a) of this section
requires immediate action to protect depositors, members,
stockholders, or the public, the Division Director:

(ii) Shall immediately give the savings and
loan association an opportunity for a hearing before the Board of
[Savings and Loan] Commissioners to rescind the order.

DRAFTER'S NOTE: This corrects misnomers of the Board of
Savings and Loan Association Commissioners in §
8-402.1(d)(1) and (e)(1)(i) of the Financial
Institutions Article and replaces the misnomers with
the defined short term "Board of Commissioners".

The misnomers were contained in Ch. 291 of the Acts of
the Regular Session of the General Assembly of 1985.

The misnomers were noted by the Michie Company.