864 ARTICLE 23

thorized to license such foreign association to do business in the State of
Maryland, and to renew such license from year to year, or from time to
time, as may be required of a Maryland association seeking to do business
in such foreign jurisdiction. Any amendment to any law in force at the ef-
fective date of this Act relating to building and loan associations by a for-
eign jurisdiction affecting the right, or changing the taxes, fees or penalties
required of a Maryland association, to do business in such foreign juris-
diction shall be immediately applied to any association of such foreign
jurisdiction authorized to do business in Maryland. In the event the State
of Maryland creates any board, commission or bureau to supervise or regu-
late domestic associations, the duties herein delegated to the State Tax.
Commission shall be assumed by such board, commission or bureau and
such act or acts shall apply, so far as applicable, to foreign associations
authorized to do business in Maryland.

Savings depositor entitled to payment in full before anything was paid to stockholders,
or free shareholders. Building & Loan Assn. v. Dembowczyk, 167 Md. 266.

Cited but not construed in Polly v. Camden Bldg. & Sav. Assn., 167 Md. 580.

An. Code, 1924, sec. 171B. 1933, ch. 47. 1935, ch. 474.

172. No association incorporated under Sections 160 to 170, both
inclusive of this Article, and no building or homestead association incorpo-
rated under any law of this State, and doing business herein, shall, prior
to June 1, 1937, be required to pay out at any regular meeting of such
association or corporation, to any holder of unredeemed shares wholly or
partially paid up, a greater amount than his pro rata share of the total
amount of dues received by such association or corporation from borrow-
ing members at such meeting in the ratio which the total paid in value
of the shares demanded for redemption bears to the total paid in value of
unredeemed shares then outstanding.

The object, intent and purposes of this section is to declare that the
emergency in relation to the financial affairs of building and homestead
associations which was recognized by the enactment of Chapter 47 of the
Acts of 1933 is still existent and to afford such associations and their
shareholders continuing protection throughout the period defined in this
Section.

An. Code, 1924, sec. 171C. 1935, ch. 232.

173. Any building or homestead association and any building and
loan association, or savings and loan association or company, or other home
financing organization by whatsoever name or style it may be designated,
eligible to become a member of the Federal Home Loan Bank system, may
convert itself into a Federal Savings and Loan Association, as provided
for in the Act of the Congress of the United States, approved the 13th
day of June, 1933, entitled "The Home Owners Loan Act of 1933," with
amendments, with the same force and effect as though originally incorpo-
rated under such Act of Congress, and the procedure to effect such con-
version shall be as follows: .

(a) A meeting of the shareholders shall be called for such purpose in
accordance with the provisions of Section 18 of Article 23 of the Mary-
land Code, or any amendments thereof or thereto.

(b) At a meeting of the shareholders of any such association or com-
pany held as provided for in paragraph (a), such unredeemed share-
holders may, by the affirmative vote of fifty-one per cent (51%) of all of