Ch. 31

1997 LAWS OF MARYLAND

promotion in the success or defeat of any candidate, political party, principle or
proposition submitted to a vote in any election.]

REVISOR'S NOTE: Art. 41, § 1-302 is repealed as duplicative of § 3-206 of the
State Personnel and Pensions Article.

[2-104.

(a) (1) In this section the following words have the meanings indicated.

(2) "Emergency" means those causes specified in § 2-103 of this article, and
also includes a situation where the health, safety, or welfare of depositors in one or more
savings and loan associations is threatened by an actual or impending impairment of
liquidity or solvency of the savings and loan association or the unsafe or unsound
operation of the savings and loan association or associations.

(3) "Savings and loan association" means a corporation or mutual
association that is chartered under the laws of this State as a savings and loan association
and is not insured by the Federal Savings and Loan Insurance Corporation.

(b) After consultation with the President of the Senate and the Speaker of the
House, if available, the Governor by executive order may declare that an emergency exists
and may:

(1) Proclaim one or more days during which one or more savings and loan
associations affected by the emergency shall remain closed and not transact business;

(2) Specify the terms and conditions under which any closed savings and
loan association may reopen;

(3) Establish terms and conditions for the limited operation of one or more
savings and loan associations affected by the emergency, including but not limited to
limitations on withdrawals, hours, interest rates, and types or terms of transactions;

(4) Provide a procedure for and make such adjustments and exceptions as
may be necessary to prevent inequities and undue hardships;

(5) Adopt procedures or limitations concerning the payment or nonpayment
of negotiable instruments, including fees imposed, and liability or immunity described
under § 5-331 of the Courts and Judicial Proceedings Article;

(6) Exercise the powers of one or more of the Board of Savings and Loan
Commissioners, the Director of the Division of Savings and Loan Associations, and the
Board of Directors and the Fund Director of the State of Maryland Deposit Insurance
Fund Corporation under Titles 9 and 10 of the Financial Institutions Article;

(7) Issue any appropriate cease and desist order; and

(8) Except for the power to declare an emergency, delegate the performance
of any function under this section to such officers, departments, and agencies of the State
as deemed appropriate.

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