Ch. 9                            LAWS OF MARYLAND

(b) Notwithstanding any other provision of law, in the case
of the liquidation of a savings and loan association for which a
receiver has been appointed under § 9-708 of this Part V:

(1)  The determination of whether the association's
savings accounts constitute savings deposit accounts or savings
share accounts for purposes of subsection (a) of this section
shall be made as of the date that the receiver is appointed by
the court administering the receivership; and

(2)  If, as of that date, the savings and loan
association in receivership constitutes a deposit association
under § 9-314 of this subtitle, then all of its savings accounts
shall constitute savings deposit accounts for purposes of
subsection (a) of this section.

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, limiting
certain provisions of law relating to the distribution
of certain assets on liquidation of a savings and loan
association, was shown in a function paragraph to be
unamended. 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.

9-408.

(a) At any time, a holder of a savings account in a savings
and loan association may request to withdraw all or any part of
the money in the account of the holder, and for certain classes
of accounts, the request may be made by a negotiable or
transferable order.

(b) (1) A savings and loan association may permit
withdrawals from a savings account to be made by negotiable or
transferable order.

(2) As to any savings account from which withdrawal
may be made by a negotiable or transferable order of withdrawal,
a savings and loan association:

(i) Need not pay any dividend or interest on
the account; and                                                                         

(ii) May impose a service charge on any account
in accordance with the regulations of the Division Director.

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