HARRY HUGHES, Governor

4085

the close of the third business day following
presentment. Any withdrawal not finally
settled by Friendship and Chesapeake prior to
the date of this Order shall be dishonored
without any liability on the part of
Friendship and Chesapeake for doing so in
compliance with this Order, and any financial
institution or other payor that has imposed a
fee because of Friendship and Chesapeake
dishonoring of a negotiable instrument as a
result of this Order shall waive the fee.

(d)  The limitations of Section (b) of this Order
do not apply to:

(1)   Direct deposits by third parties
including payments from the Department
of Treasury and Social Security; and

(2)   Accounts in Friendship and Chesapeake in
which a depositor has incurred a debt to
Friendship and Chesapeake before 7:00
p.m., October 16, 1985, provided that
the withdrawal is applied exclusively to
the satisfaction, in whole or in part,
of the debt to Friendship and
Chesapeake.

(e)  Notwithstanding the provisions of paragraph
(b) of this Order, subject to review by the
Fund Director of the State of Maryland Deposit
Insurance Fund Corporation, the management at
Friendship and Chesapeake shall have the
discretion to allow withdrawals from any
account for the purpose of funding
construction loans or other real estate loans
under commitments existing on the date of this
Order or for any other similar purpose,
provided that in each case, in the best
judgment of the management at Friendship and
Chesapeake such withdrawals will protect or
enhance the value of any asset of Friendship
and Chesapeake will protect or facilitate the
collection of any loan made by Friendship and
Chesapeake will protect or facilitate the
collection of any loan made by Friendship and
Chesapeake or will otherwise be in the best
interests of Friendship and Chesapeake.

EXECUTIVE ORDER OF OCTOBER 22, 1985