442 LAWS OF MARYLAND. [CH. 241

CHAPTER 240.

AN ACT to repeal and re-enact, with amendments, Section 81
of Article 77 of the Annotated Code of Maryland (1935
Supplement), title "Public Education", sub-title "Chapter
7—Schools", providing that in Baltimore City Armistice
Day, November 11th, shall be a school holiday.

(Vetoed. )

CHAPTER 241.

AN ACT to add a new section to Article 23 of the Code of
Public General Laws of Maryland (1924 Edition), title
"Corporations", sub-title "Building or Homestead Associa-
tions", said new section to be known as Section 164A and
to follow immediately after Section 164, providing for the
repurchase of shares by Building or Homestead Associations
or withdrawal of funds by the members thereof.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That a new section be and it is hereby added to Article
23 of the Code of Public General Laws of Maryland (1924
Edition), title "Corporations", sub-title "Building or Home-
stead Associations", said new section to be known as Section
164A and to follow immediately after Section 164 of said
Article and to read as follows:

164A. Every Homestead or Building Association incorpo-
rated under the laws of this State, shall have the right at any
time, in the discretion of its Board of Directors, to apply any
of its unexpended funds, after all applications for with-
drawals as hereinafter provided for shall have been paid, to
the repurchase of its outstanding shares, provided that the
repurchase of such shares shall be apportioned among all of
its shareholders pro rata. The shareholders of any Building
or Homestead Association incorporated under the laws of this
State desiring to withdraw from said Association, in full or
in part, shall make application to said Association, in writing,
requesting that said Association repurchase the share or shares
of said shareholder in full or in part to the extent and in the
amount set out in said application, and the said Association
upon receiving said application to repurchase said share or
shares, may in its discretion repurchase the same in full to the
extent of the amount applied for, but shall only be required to
repurchase said share or shares as hereinafter provided, and
that no shareholder shall have any right to withdraw from said