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Session Laws, 1961 (Special Session), House and Senate Journals
Volume 648, Page 4   View pdf image (33K)
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6 LAWS OF MARYLAND [CH. 1

SECTION 1. Be it enacted by the General Assembly of Maryland,
That new Sections 160A-160KK be and they are hereby added to
Article 23 of the Annotated Code of Maryland (1957 Edition), title
"Corporations", sub-title "Building or Homestead Associations" to
follow immediately after Section 160 thereof, and to read as follows:

160A. POLICY.

It is the declared policy of this State that:

(a) The savings and loan business, otherwise known as the build-
ing, savings and loan or homestead business, which is within the scope
of this Article, has so expanded in recent years and has become so
integrated with the financial institutions of this State and is so
important as a method of promoting home ownership and thrift,
that such business is affected with a public interest and shall be
supervised as a business affecting the economic security and general
welfare of the people of this State;

(b) Such business shall be conducted only by associations organized
and conducted in accordance with the authority provided by this
Article;

(e) The number and minimum size of the associations conducting
such business shall be controlled in the interest of securely and
efficiently serving the needs of the localities in which they operate;

(d) The public interest requires the promotion and fostering of
the building, savings and loan or homestead business and the as-
surance of its financial stability;

(e) Such associations shall be organized for the purpose of ac-
cepting free share accounts and making loans to their members;

(f) In order to achieve the aforesaid purposes^ and policy, it is
necessary that all associations, except as provided in Section 160P of
this Article, shall have only one kind or class of shares or stock
and that all the holders of such shares or stock shall have equal
rights as to voting, earnings, and assets;

(g) In order to further the policies herein expressed, the pro-
visions of this Article applicable to associations shall be liberally con-
strued to promote and foster the purposes of such associations.

160B. APPLICATION OF PROVISIONS.

(a) Definition of "association. " As used in this sub-title, the
word "association" shall mean building, savings and loan or home-
stead association or any other similar association by whatever name
called.

(b) Domestic and foreign associations. The provisions of this
Article shall apply to all associations heretofore^ or hereafter
organized under the laws of this State; and to all foreign associations
duly authorized to do business in this State;

(e) Federal associations. Unless Federal laws or regulations pro-
vide otherwise, Federal associations incorporated pursuant to the
Homeowners Loan Act of 1938, as amended, and their members shall



 

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Session Laws, 1961 (Special Session), House and Senate Journals
Volume 648, Page 4   View pdf image (33K)
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