WILLIAM DONALD SCHAEFER, Governor

Ch. 9

(5)  Be designated "capital stock" notwithstanding any
charter or bylaw provision; and

(6)  Each certificate that evidences capital stock
shall state that the shares are "capital stock" and are not
insured by the State of Maryland Deposit Insurance Fund
Corporation or the Federal Savings and Loan Insurance
Corporation.

DRAFTER'S NOTE: The inclusion of this provision is intended
to correct an error in a function paragraph noted by
the Attorney General in a May 5, 1986 letter to the
Director of the Department of Legislative Reference
regarding the adequacy of the title of Chapter 282
(House Bill 466) of the Acts of 1986. That letter
noted that an amended provision of law, correcting an
obsolete reference to the Maryland Savings-Share
Insurance Corporation, was not shown in a function
paragraph to be amended. This Curative Bill reprints
the amended provision as it now exists, with a related
title reference, in order to validate the changes made
by Chapter 282.

9-329.

(a) In any distribution of assets on liquidation of a
savings and loan association, the priority of claims is as
follows:

(1)  In a mutual association:

(i) General creditors and holders of savings
deposit accounts;

(ii) Holders of savings share accounts; and

(iii) Contributors to the initial general
reserve fund and before June 1, 1986 and to the expense fund
under Subtitle 2 of this title; and

(2)  In a capital stock association:

(i) General creditors (other than those who are
capital stockholders) and holders of savings deposit accounts;

(ii) Holders of savings share accounts;

(iii) Contributors to       the initial general

reserve fund and before June 1, 1986 and     to the expense fund

under Subtitle 2 of this title unless the   funds were provided by
paid-in surplus; and

(iv) Capital stockholders.

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