Montgomery County sentinel., 1962-10-04

| Jree access to all books and papers of dn
association sujlich relate to its Business,
and books aid papers kept by Gny officer,
agent, or employee, relating to or upon
tDtich any record of its business IS kept.
(b) Federal denominations. The Diree-
tor ~ lea of such examination and audit
may accept an examination and audit
made or accepted by a federal home loan
bank. the Federal Home Loan Bank
Board, or BY the Federal Savings and
Loan Insurance Corporation.
16IDD. -APPORTI0NMENT OF
PROFITS.
The board of directors of any associd-
tion shall GfPortioH the profits of the
association, at least annually and as much
more often as the by-ldsCs may prescribe;
and each GbportioH1ieHt shall be made iu
aceorddnes itith the folioaVin0 procedure:
~ Il PROPER ALLEGATION first shall be
made to the general yeSeySe fssHd.
(2l ADDITIONAL ALLEGATIONS
THEN MAY BE MADE TO SUCH
SPECIAL RESERVES AS THE
BOARD OF DIRECTORS MAY ES-
TABLISH OR MAY HAVE ESTAB-
LISHED.
~ Dividends then may be declared
on all free share accounts in accordance
tgith the pro0!sions of this Article and
the by-lasvs of the association.
~ IHe residue of such profits may
Be held as "gndiVided Profits" subject
TO use ~ the same manner as PROFITS
generally.
l6IEE. RESERVES.
(d) Minimum ALLEGATION. Each dssoci-
alton shall maintain a general yrscyye
tH'id uhicb shall be used solely for tie
Purpose of absorbing losses and to tyJlich
the board of directors shall allocate sach
Portion of the aSSoeidtioH's profits as the
board may determine; except that lUIet-
SYer ths total amount of sach reserve IS
less than sir per cent (6Ss) of the do-
0regdts iCithdrGsUaI value of the associd-
tions tree share accounts, the ALLEGATION
to Snch reServe upon each dPportionment
OF Profits shall be not less than ten per
cent (f09o) of the profits being dbbor-
toned, or such lesser Portion as spiH ir-
crease such reserve to the required total
amount.
(b) Special ,eserves. The board of d.
Yeetors may establish and maintain such
SPECIAL reserves as they may deem ddviS-
able to fchich charges may be made as
tie board Of directors may determine.
IofFF. DIYIDENDS.
(d) DeterDii,ied by board of directors;
restrictions. Subject TO the restrictions
set forth iH this Article aud tie dssoci-
ATOMS bJ-iaGcS, the board of directors
from time to time may determine the
rate and the amount of dividends TO be
paid on free share accounts. Hoarevey,
TIE declaration Of Dividends on free share
accounts shall be subject to the folioaiHg
restrictions. IN If the total dmoant Of
tie general reserve fund is less than that
required iH Section 1ofEE of this Ar
ticle, no dividends shall be declared until
the dI'oedtion pyo9ided by said Section
has first been made; (2) Dividends shall
ros be paid at any time or under any
circumstances from capital or ansdyned
Snyhins.
(b) Small accounts. 4 dividend need
not be dliocdted TO any free share account
Wiich has tUithdYdudi Tdlae of less
than twenty-five dollars (S25.00) OF the
record date sUith respect to uhich the
diSidend is Paid.
(c) Resolution governing dividends.
The board of directors shall determine By
resolution the ns.hod of calculating the
GmoaEt Of Gny diS'iderd on free share
accounts, ard the date OF ttIiich the same
IS 10 be declared or credited.
IofGG. EXPENSES AND MEMO
RANDUM or SETTLEMENT.
Every association may require boryosU-
in0 members to pay all reasonable er.
making, closing, disbHrsiHg, eFteHding,
reddjasting, releasing or renesving of
real estate loans. At each and every
settlement there shall be furnished to
the borrosvsr a memorandum of settle
ment tcjiieh shall SEosU in detail each aud
eVery cfdrge made fn connection fCitt
said settlement. Nothing iH ttis sab
changing, modifying or amending the
Hsiry iGsvs Of this State
I61HH. FRANCHISE TAX.
Every federal and domestic ascot
alton aud foreign association admitted to
do business iH this State shall pay anna
ally for the use of the State, ~ GdGi-
tioH 70 any other tar imposed BY lG;p, q
franchise fdF to TIE amount of oHe-oHe
hnndredthS OF one per cent (f/f00 of
Ifo) of the aggregate uithdraual talns
Of Is free shares purchased IN the STATE
OF Maryland, said free shares to be total
led as of December 81 of each and eyery
scar, and StaH certify the said amount
due 70 the State to The CombtrolIer of
tie Treasury as other state taseS. Saeh
tar shall be payable iDithoat interest at
any time OF or before AtrH IS, of each
dnd svery year, commencing OF Abrl IS,
1902, and il Sach tar be not paid as
dbove pro5ided, then the said tar shall
thereafter bear interest at the rate of one
Edt Of one per cent ia of Ieo) for each
month or fraction Of month, and If
Saeh tar be not paid before the first day
OF December following, a penalty of
tTs PEI. cent (5gol on the amount there
OF shall be added. Pyo9idsd, hoausvey
that il by reason of any Iap of any for
e'0n Jurisdiction Az association chartered
~ fhis State aud doing business in such
ofher jurisdiction is required to pay a
franchise tar to said foreign jurisdiction
based afon its free shares purchased in
the State Of Maryland, tteH the tar int-
posed by this section shall be reduced to
tie extent of such additional jraRchiss
tar 50 Paid TO said forei0a Jurisdiction.
IoI-II. EXEMPTION FROM BLUE
SKY Law.
Tie sale of free share accounts of any
association doing business in this STATE
IS hereby efeDipted from all provisions of
Id10 Of this State srjiich bsovids for the
supervision aud regulation of the sale of
securities, AID the sale of any SEeh de-
counts shall be legal spithoat any action
or dffrovdl suhotSoever on the part of
any Official authorized to license, reoH-
late, and supervise the sale of securities.
IoIJJ. SEVERABTLTTY.
II any provision of this subtitle or
he DUPLICATION thereof TO any person or
circumstance IS held invalid, Sneh invdlid-
ify shall not affect The other provisioas
or any other application of this subtitle
trhieh can Be 0iien effect pithon The IN.
pdiid provision or DUPLICATION, aud to this
ehd, the Provisions of this subtitle are
declared to be SeSsrdbie.
IoIKK. CONFORMITY.
Sections 1914 through IoIKK Of this
14rficle ShdH be considered as additions
TO az eFiStin0 lastS eoSerino or affecting
building, savings and loan or homestead
ASSOCIATIONS, or associations usigo any
conformation OF these names, and shall
replace aud PreraJ ovey such existiao
IdipS to the extent that tie provisions of
these Sections are contradictory or in-
consistent, bat only to the extent of sach
contradiction or Inconsistency, dnd such
existing ldsrs, subject TO the aboVe bro.
tiSions, shall Be aud remain il tnl force
aud effect as II these Sections had neysr
been enacted
SEC. ?. AND BE 1T FURTHER
ENACTED, THAT THIS ACT SHALL
TAKE EFFECT ON JUNE !, 1861.
ExPLANATIoS: Italics indicate nsw matter
added TO eFiStil0 Iap.
lBracketSI indicate matter stricken
from existing law.
CAPITALS indicate amendments to BILL
CHAPTER 616
AN ACT to implement Article w, Sec
tion Al c of the Constitution of Mary
land, approved at the general election
OF November, 1860, creating a NUM-
cipSl Court of Baltimore City; TO add
rs new sections to Article 26 of the
Annotated Code of Maryland Qo57
Ed.), Title, Courts, TO be known a,
Sections 107 through l2s, under a new
subtitle headed Municipal Court OF
Baltimore City,, relating generally 10
the organization and operation of said
Court, including but not limited 10, the
number of judges. divisions and parts,
jurisdiction, powers, sentencing, re-
quests for jury trials, removals, prob
alton, warrants, show cause orders,
suf1ironses, service, bail, contempt,