HARRY HUGHES, Governor

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by the rules and regulations of the Fund. This limit may not
exceed the amount of federal insurance.

10-112.

(a)  An association becomes a member when its application is
approved by the Fund Director.

(b)  Subject to the terms and conditions adopted by the Fund
Director [and approved by the Board,] a member association may
withdraw at any time from the Fund and have returned all or part
of any capital advanced to the Maryland Savings-Share Insurance
Corporation and all or part of any capital deposit required for
membership in the Fund. All moneys and other assets of the
former Maryland Savings-Share Insurance Corporation Central
Reserve Fund shall continue to be segregated and maintained by
the Fund to provide liquidity and are not subject to any
insurance claim.

(c)  The net earnings of the Fund shall be accumulated for
the benefit of the State and may not be returned to any member
association.

10-113.

(a)   [Subject to the approval of the Board, the] THE Fund
Director shall adopt rules and regulations to carry out the
provisions of this title.

(b)  (1) [Subject to the approval of the Board, the] THE
Fund Director may adopt rules and regulations providing for the
payment of nonrefundable premiums instead of or in addition to
capital deposits required for membership in the Fund and may
issue instruments evidencing the interests of members in the
Fund.

(2) The total of premiums and capital deposits
imposed on a member association may not be less than the
comparable premiums, assessments, and capital deposits imposed
for federal insurance.

SECTION 2. AND BE IT FURTHER ENACTED, That the term of each
member serving on the Board of Directors immediately prior to the
effective date of this Act shall terminate and the members of the
Board of Directors shall be reappointed in accordance with the
provisions of this Act. The members serving immediately prior to
the effective date of this Act may be reappointed to the Board.

SECTION 2 3. AND BE IT FURTHER ENACTED, That this Act is
hereby declared to be an emergency measure and necessary for the
immediate preservation of the public health and safety and having
been passed by a yea and nay vote supported by three-fifths of
all the members elected to each of the two Houses of the General