Ch. 434                                    LAWS OF MARYLAND

(b) (2) Beginning on June 1, 1986, for those associations
that do not meet the requirements of paragraph (1) of this
subsection and, on that date, are MAY 31, 1986, WERE otherwise in
compliance with the [reserves] RESERVE requirements [of §§ 9-219
and 9-324 of this title on May 31, 1986] AS ESTABLISHED BY THE
DIVISION DIRECTOR APPLICABLE GENERAL RESERVE REQUIREMENT OF 3
PERCENT OF SAVINGS AND LOAN LIABILITIES, AS DEFINED UNDER LAWS
AND REGULATIONS IN EFFECT ON MAY 31, 1986, regulatory net worth
must be increased so that the requirements of paragraph (1) of
this subsection are satisfied by July 1, 1989.

(d) In the event that an association is not in compliance
with the requirements of this section, the Division Director may
take any action necessary, as authorized under this title and
Title [9] 8 of this article to assure that the interests of
depositors, members, stockholders, and the public are protected.

9-419.

(f) (2) An association that is insured by the Federal
Savings and Loan Insurance Corporation may invest, directly or
indirectly, IN REAL ESTATE LOCATED IN THIS STATE AND no more than
20 percent of their assets in real estate located in the states
of Alabama, Arkansas, Delaware, Florida, Georgia, Kentucky,
Louisiana, [Maryland,] Mississippi, North Carolina, South
Carolina, Tennessee, and West Virginia, the Commonwealths of
Pennsylvania and Virginia, and the District of Columbia.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1987.

Approved May 14, 1987.

CHAPTER 434

(House Bill 128)

AN ACT concerning

Assessments and Taxation - Valuation of Cooperatives

FOR the purpose of providing that the Department of Assessments
and Taxation may consider certain items when valuing real
property owned by cooperative corporations.

FOR the purpose of providing that certain items may be considered
in determining the value of real property owned by
cooperative corporations.

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