868

LAWS OF MARYLAND

Ch. 244

certain procedures for such conversions; enabling the
Board of Building, Savings and Loan Association
Commissioners to approve or disapprove such conversions
on certain conditions; providing for appeals under
certain conditions; providing for an effective date for
such conversions; and relating generally to such
conversions.,

BY renumbering

Article - Corporations and Associations

Section 6-229

to be Section 6-231

Annotated Code of Maryland

(1975 Volume and 1978 Supplement)

BY adding to

Article - Corporations and Associations

Section 6-229 and 6-230

Annotated Code of Maryland

(1975 Volume and 1978 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL    ASSEMBLY OF

MARYLAND, That Section(s) 6-229 of Article -  Corporations

and Associations, of the Annotated Code of    Maryland be
renumbered to be Section(s) 6-231.

SECTION 2. AND BE IT FURTHER ENACTED, That section(s)
of the Annotated Code of Maryland be repealed, amended, or
enacted to read as follows:

Article - Corporations and Associations

6-229

(A)   ANY FEDERAL SAVINGS AND LOAN ASSOCIATION MAY
CONVERT INTO A STATE-CHARTERED SAVINGS AND LOAN ASSOCIATION
UPON THE MAJORITY VOTE OF ITS MEMBERS.

(B)   THE FEDERAL SAVINGS AND LOAN ASSOCIATION SHALL
HAVE ITS PRINCIPAL OFFICE IN THIS STATE.

(C)   THE FEDERAL SAVINGS AND LOAN ASSOCIATION SHALL
FILE WITH THE BOARD OF COMMISSIONERS AN APPLICATION FOR
CONVERSION WITH TWO SIGNED AND ACKNOWLEDGED COPIES OF THE
PROPOSED ARTICLES OF INCORPORATION, FOR ITS EXAMINATION, AND
PAY TO IT A FILING FEE OF $750.

(D)   THE BOARD OF COMMISSIONERS SHALL PUBLISH A NOTICE
OF THE FILING AS PROVIDED IN THE STATE DOCUMENTS LAW.

(E) THE BOARD OF COMMISSIONERS SHALL SET A TIME FOR
AND, WITHIN 45 DAYS AFTER THE FILING, HOLD A PUBLIC HEARING