Ch. 406

LAWS OF MARYLAND

savings and loan associations chartered by the State and not
covered by the federal legislation.

(b)  The regulations shall be adopted within 90 days of the
enactment of the federal legislation and shall make applicable to
the banking institutions, credit unions, and savings and loan
associations chartered or incorporated under the laws of the
State and not covered by the federal legislation, the provisions
of the federal legislation that establish time limits within
which the financial institutions are required to make funds
available for deposited items.

(c)  Upon adoption of the regulations, Section 1 of this Act
shall be null and void.

SECTION 3. AND BE IT FURTHER ENACTED, That if the federal
government enacts legislation that establishes time limits within
which all financial institutions chartered or incorporated under
the laws of this State are required to make funds available for
items deposited by a customer, member, or account holder of the
financial institution, Section 1 of this Act shall be null and
void.

SECTION 4. AND BE IT FURTHER ENACTED, That this Act shall
take effect July October 1, 1987.

Approved May 14, 1987.

CHAPTER 406

(Senate Bill 882)

AN ACT concerning

Creation of a State Debt - Society for the
Preservation of Maryland Antiquities

FOR the purpose of authorizing the creation of a State Debt in
the amount of $125,000 $100,000, the proceeds to be used as
a grant to the Society for the Preservation of Maryland
Antiquities for the purpose of assisting in the renovation,
rehabilitation, reconstruction, repair,. improvement,
restoration, and equipping of Old St. Paul's Rectory (1791)
in historic downtown Baltimore City; requiring that certain
easements be granted to the Maryland Historical Trust; and
providing generally for the issue and sale of bonds
evidencing the loan.

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