The Republican., 1962-10-04

lowing conditions: (A) If the position
offered is vacant due directly to a strike,
lockout, or other labor dispute; (B) if
the wages, hours, or other conditions of
the work offered are substantially less
favorable to the individual than those
prevailing for similar work in the local
ity; co if as a condition of being em-
ployed the individual would be required
to join company union or TO resign
from or refrain from joining any bona
hde labor organization.
% Pregnancy. - For the FOUR
months before the expected date of the
birth of a child and the two months
after the actual date OF the birth of said
child, in either of which cases the EX-
ecutive Director may require the produc-
tion of doctors certificates 10 establish
such dates; but she shall be eligible for
benefits during the first FIVE months
of pregnancy providing that she is physi-
cally able to continue her employment
and is otherwise eligible under the bene-
fit eligibility conditions set out in Section
SEC. 3. AND BE IT FURTHER
ENACTED, THAT SECTION 20 CN)
GO) OF THE SAID ARTICLE AND
SUBTITLE BE AND THE SAME
IS HEREBY REPEALED.
SEC. 4. .And be it further enacted,
That this Act shall take effect June !,
1901.
EXPLANATION: Italics indicate nesg matter
aided to existing lac.
BracketsI indicate matter stricken
from existing law.
CAPITALS indicate amendments to bill.
CHAPTER 205
AN ACT to add new Sections 161A.
l6lKK to Article % OF the Annotated
Code OF Maryland G957 Edition..
title Corporations subtitle Build
ing or Homestead Associations" to
follow Immediately after Section 16I
thereof, providing generally for the
organization, incorporation, operation,
conduct, regulation Of and supervision
over the savings and loan business,
which is known generally as the build
ing, savings and loan or homestead
business; providing further for the
investments, withdrawal of accounts,
taxation, membership, promotiOnal acti-
vities, management and functions of
such businesses, including class and
type Of securities, and ALLEGATION of
profits, reserves and dividends; pro-
viding for the branching, consolidation,
merger, dissolution, and revival OF such
businesses; making provision for CON
servators and receivers for such BUSH
nesses; exempting accounts of such
businesses from Blue Sky Law;
creating a Board of Building, Savings
and Loan Association Commissioners,
and making provision for the members
of such Board and for their qualifica-
tionS, tenure, powers and duties; Great
ing a Department of Building, Saw
ings and Loan Associations, providing
for a Director and for other officers
and employees Of this Department, and
making provision for the appointment,
duties, compensation, policy, powers
and duties OF all such officers and en-
ployees OF this Department; providing
methods for compliance with stock class
requirements; providing penalties for
failure or refusal to comply with GER
tain provisions of this Act; and reat-
ing generally to the organizations and
businesses known generally as build
ing, savings and loan or homestead
businesses in this State.
Section /. Be it enacted by the GEN
eral Assembly of Maryland, That new
Sections 16lA-16lKK be and they are
hereby added TO Article % of the An
notated Code of Maryland G957 Edi-
tom, title Corporation" subtitle
Building or Homestead Associations" TO
follow Immediately after Section 161
thereof, and to read as follows:
I61A. POLICY.
It is the declared policy of this State
that:
Ia The savings and loan business,
ottcr5eise kno5on as the building, Sa5'ings
and lean 0r homestead business, gohich is
5UithiH the scope Of this article, has 50
expanded in recent years and has be-
come so ultegrdted 50iH the financial
institutions Of this State and is SO iDi-
fortaHt as method of Promoting home
O5tNerSiiP and Thrift, that such business
is affected 5ciM a public interest and
shall be SUPERVISED as a business affect
ing the economic security and general
apelfve Of the PEOPLE Of this State;
only BY associations organised AID con
dncfcd in accordance 9oith the authority
fFolided BY his Articie;
.(D The number aud minimum size
OF the a5Sociations Condnctmg such bHsi..
ness shall be controlled IN the interest of
securely and efficiently Sergirg the needs
Of Me i92cGiitieS ~ 7gjtich they oFerate;
ID The public interest requires the
promotion and fostering Of the building,
Sa74Hgs and loan or homestead business
and the assurance of ats financial Stdbi!-
ity;
(e) Such associations shall be organ
iEed TOR the purpose Of accepting tree
Share, accounts and making loans to their
memberS;
~ In order to achieve the aforesaid
PURPOSES and policy, it IS necessary that
az dSSociGtionS, EXCEPT AS PRONlD-
ED IN SECTION l6lP OF THIS
ARTICLE, shall haze only one kind or
class Of shares or stock and that all the
holders OF SHch shares or stock shall
haze equal rights as to v0tiHg, earnings,
and assets;
tg) IN order to fhrfher the Policies
herein expressed, the PROFESSIONS of This
article applicable to associations shall be
h6erdHy construed to promote and foster
me PURPOSES OF such aSSociationS.
lob. APPLICATION OF PROVI-
SlONS.
(G) DEFINITION Of association" As
"sed ~ tins subtitle, the aoord "dsSoci.
alton hdH mean guiding, SdViH9S and
loan or hoDestedd association or any
other similar ASSOCIATION by TchateUer
name called.
The PROVISIONS OF tins Article shall dP-
Ply to all ASSOCIATIONS heretofore or here
after organised under the Ida0S of this
State; aud to all foreign associations
duly authorized to do business IN this
State,
(c) Federal associations. Unless Fed
eral 'aigS or regmatlonS Proglde other;
soiSe, , rede'ai aSS9cia'IohS yT W60fPoFdted
P'5ngB' ~ 5n55 70 tMe JIg"eou"etS q J st Loan fct
~ 20 ~. e',eeti .. U'.a t,tt" "'fnoerS
SmG" I , Je SnoJeet tSu 10 me ProvISiomS m oT MiS
G.H Sny,.HHe ana SMGn possess an me
rignlS, PosoerS, priyHe9eS, i"'nhnlties and
f1eMPl.oHS ~ Wa,.tea Gy nHiS AfHcie 70 as
SoeaGlonS ~ GPrratA"9 "e'e""ae' ana 70 Me
T.f,ICf'5 yH,IS :, sHfJfG5' ',r,o,,c
IoIC; FKOHlblIiONS. It;I l. . ~
tal " no may transact business. No
Person or group o. Persons except ~
az aSSoeldti0H any Wc0fPorated nhder
Seetl9nS 1914 tAfo"9A Iolhh OF Mis
AH'c!e, or ~ an ASSOCIATION duly
me0r9orafed Plor TO me enactment
o. NE dT0'eSGld SectlcnS ana con-