Montgomery County sentinel., 1962-10-04

JOfn4 lNC uHlteS ava gHRtAfoNS ~ tHt ~
rector. Thereafter the Board shall sub
NIT to the Governor SHch a list not less
than thirty (30) days before the dGte Of
the expiration OF the term of APPOINT.
msEt Of the Director, or, % the case OF
VdcGRcy, sgth;H fifteen (I5) days Of the
occurrence of said pdcdncy.
(5) The Board shall haze full posper
to-:
ID advise and make accommodations
to the Director on oil dEd any questions
1othin the scope of authority of the
Director.
~ submit TO the Governor proposed
GmsNdments TO the building, savings and
loan association ldIVs OF Maryland sVhteh
II deems desirable;
(iii) establish methods aud standards
N to be Hsed iH making examinations
of associations, (2) for the VGlHdsi0n Of
assets of associations aud (S) TOR ddger-
tising and promotioHaI activities BY as
S0cidtioHS;
(iV) to make, adopt, modify aud amend
sHch rules aud regulations as may Be
reasonable aud accessory to carry ont
the provisions of this Article, and to de-
fRe any terms used therein as they may
relate TO or affect associations.
II qualifications. 4 member Of the
Board hdyin0 any interest in or cotnec-
fion nth an association as shareholder,
director, riOrtoagor, attorney or othsri0iSs
shall not pass any order or SIT ~ any
hearing affecting such dSSoei0tion.
(a) Qnoyam. Il majority of the meni-
bsys OF the Board shall constitute
qaornpi for the holding Of meetings and
hearings, but 40 action shall be taken 10
the name of the Board s0ithout the con-
enyysnee of at least four ~ members ~
attendance
I6iF. OATHS; SUBPoENAS.
(a) PosOsr to administer and fsSns.
At any hSarigg before the Board pyoVid-
ed for IN Section IoiH Of tlis Article,
the Board or any msmbsr thereof shall
have the bosUey to administer odthS. In
connection gU;th Any such hearing, the
Board may iSsas sabpoerGS to compel the
attendance aud testimony Of witnesses or
the production Of documents, either on
the Boards o7cn motion or at the request
of aHy intsrveaov or party, Dhich sub
poeEds shall eFteHd to all parts of the
STATE aud shall be issued and signed by
the Director or BY any member OF the
Board. The Board shall have PozCev on
motion after due notice, for good cause,
to qHdSh or modify any subpoena 0H
the ground that such subpoena IS N-
daily bnrdenS0Die, unreasonable or 0P-
brssSiVe Snbbosnas shall BE- ssrvsd per-
SoHdiiy through the Sheyif's Office IN the
city or county IN wEich service can BE-
made, or by any person of iasgfm age.
(b) Failure to comply. If a person
upon sehom a subpoena has been properly
SSrved fails to obey its command, auth
out reasonable cGase, or If person 80
GtseHddHcs before the Board shall, lUitJt-
out reasonable cGnSe, refuse to be SSUorH
oy stdSiiHsd, or drSsCer question, or
Produce O book or paper TDheH ordered to
do so, pursuant to subpoena, the Board
may, aud npon request of any parry to
proceedings before the Board, shall Gp-
ply to any Judge of the Supreme Bench
of Baltimore CITY or of the circuit court
of any county, upon proof BY affidavit of
the fact, for rule or order TetHrnabis
SCittH not less than tao (2) nor more
than fve (5) days, directing sgch person
to Shop cause before the Judge sUho made
tke order, or any other Judge of the
same bench or eiveait, why he should
not be Gdjnd0sd guilty OF contsnbt
and punished as contembts are punish
able by courts of record; upon the rstHVn
Of such order, the Judge, before lrhom
The matter shall come OF foy q hearing,
shall sEamiHe under oath such person
and sach person shall be 0ivsn an op-
PortHHity to be heard IN his osut defense;
and If the Judge shall determine that
such person has ysfRSsd, without vsaSo1s-
able cduSe or legal sEcaSe, to be sE-
GDiinsd or 10 dnsS0ey Is0G! or Pertinent
question, or to produce book, paper or
other documents 1Uhich he sUas ordSrsd
to produce, he may forthwith find the
offender in contempt Of court
(c) REQUIRED to testify. No person
shall be excused from teStityfHg or from
Producing any books or papers or doen-
meHts at any hearing before the Board,
IUhsn ordered to do so by the Board,
upon the ground that the testimony or
evidsNcs, books, papers or documents re-
qHiYed of him mey tend to DIcrtnindtS
him or subject him TO penalty or forfeit
Hre; but no person shall be prosecuted,
punished or subjected to any penalty or
forfeiture tor or on account Of any act,
transaction, matter or thing concerning
IUjiich he shall, under oath, haze, BY order
of the Board, testified to or produced
documentary sVidencs relative thereto, pro-
vidsd, hoSOsrer, no person shall be az:
eDibt from Prosecution nHlsSs he shdH
first haze asserted MS coHthHtionds Ti0its
and Privileges; aud bro9dsd, hosgeVev,
that no person so teStifyDO shall be eS-
eDipt from prosecution or baEtshBsT Tor
any perjury committed BY him II has
IoIG' DEPARTMENT AND DIREc.
Ia) Establishment, Abbointnent, Qadh-
feations and Tenure. The DEPARTMENT
of Building, Savings and Loan ASsociG-
tions is hereby established. The head OF
the DEPARTMENT, zSith general bos0srs Of
administration, shall be the Director, who
shall be APPOINTED BY the Govsrh0r as Of
the first day of Jaly, 1901, and each
sixth (6th) ysar fhUsdfter from the list
of fys (5) persons submitted to HIM by
the Board pursuant TO Section I6IE of
This Arficie Each of the bsysons named
on such list shall have at least fgs ~
years e3beyieHee as an officer, directov
or attorney Of an ass0eiatioH chartered or
iHcoybovdted under the Ia1Us Of the STATE
of Maryland or as an employee OF the
DsbartDent and each for at least the fVs
Isl breyiOHS years shall haze been a
yestdsHt and registered yotv Of Mary
land The Director shall hold Office for
sir (6) years aud until his sHceeJsov
.LoI dsIt ahHofnfsA 0pd dunI.
fed. The GoTeyH0r may Yenope the
Dyectoy for Official misc0ndaet, ine0nr-
petency 0y ns0lect OF daty. Any DGcGney
in the oFces Of Dvsctoy shall Be flied
By the GoSsvnor for The aHeFPred b0r.
ton OF the term fyom list of aaDleS Of
qualified persons as aforesaid, 70 be sub
,Iit!ed pursuant TO Section 16fE hevsof.
The Director shall devote his sHtirs time
to the duties Of his Office and shall be
paid such salary az may be byoVided tor
IN the budget.
nj Bond. The Director shall give bond
TO tie State of Maryland in the amount
Of fueaty thousand do!lGrs (S20,000OO)
~ such form as the Board may require
and conditional upon proper and faithful
dischdrge Of his duties.
(cJ Po10srs. The Director shall hare
general sRpstvisioH oyer all dy5oc'diion5
iOhieh are subject TO the ProvisioHs OF
this article BY use Of the b0sCevs con-
fsyred UPON him BY lar. The DirSctov
may pass such orders as he dSsnis nsces-
SGyy 10 compel any ds5ociatton: ~ to
comply Nth its charter, conStitnsi0b and
by.laWs; (2) to comply Nth the Iaws Of
fhis State 10 carry out the bHSbosss of
this subtitle; ~ to comply Nth such
ys0niatlons as may be adopted PaysgaNt
to the tY0ViSions of this subtitle. But
no such order SkGH bSeoms Sfectivs Until
the Director shall hare first 0iven the
dySct0vS of such aSSOcldtiOH, or Their
,sbyesenfdtiVsy, an Opportunity to bs
hard at a time and Place dssi0nated BY
CDJ DISQUALIFICATION. THE
DIRECTOR DURING HIS TERM OF
OFFICE MAY NOT BE AN OFFI-l
GER, DIRECTOR, ATTORNEY, EN-
PLOYEE OR AGENT OF, OR IN
ANY MANNER BE INTERESTED
IN, ANY ASSOCIATIONS, EXCEPT
THAT HE MAY BE A HOLDER OF
FREE SHARE ACCOUNTS.
I6IH. ORDERS; HEARINGS.
To- Dwsctor to order diseontinaaNes
of illegal practice II the Director, as q
result of any examination or from any
report made to him, shall find that any
associGtioN is yioiatiN0 the byoDisioHs Of
its 0Sticiss of Incarceration or by.lGegS, or
the Iaus Of this State, OF Of the United
.Stdfes, oy any IalDfH OYder of bs Di-
VsctoY, hs shall, b. wTittsn oYdey, state
h. aIe0sd sJtoIalioN ftSNSfu foasfhST