446 LAWS OF MARYLAND. [CH. 197

the association or any facilities created by the association, shall
if otherwise lawful, be valid; provided however that this re-
quirement shall not prevent such contracts from being made
self-renewing for periods not exceeding five years each, unless
notice shall be given by either of the parties thereto, at least six-
ty days before the expiration thereof of his desire not to renew.
A provision in any such contracts determining a specific sum to
be paid by the member as liquidated damages for breach of
said contract shall be valid. The association in the event of
a breach or threatened breach of any such contract by a member
shall be entitled to an injunction to prevent the breach or
further breach thereof and to a decree for specific perform-
ance thereof.

B. Any association organized under this Act may provide
that its common stock or membership shall be sold only to
persons designated or described by the by-laws and that the
stockholders or member shall lose the power to vote if he ceases
to belong to the class of persons designated or described in
said by-laws. Any association organized under this Act may
limit the number of shares which any person may hold and
may reserve to the Board of Directors of the association the
prior option to buy for the association the stock of any stock-
holder which is offered by such stockholder, and may reserve
to said board of directors the right to recall the stock of any
stockholder, subject to the further limitation that such associa-
tions, upon exercising said option to buy or right to recall, shall
pay for this stock at its book value or at its par value where
the book value is less than the par value, provided that no re-
strictions upon the ownership or transfer or voting of stock
authorized by this section shall be valid, unless a provision
setting out such restrictions is contained in the articles of in-
corporation of the association and printed upon the stock sub-
scription paper, if any, and upon the stock certificate.

SEC. 484. No member in any association organized without
capital stock and no holder of stock whether common or pre-
ferred, shall be entitled to more than one vote, but every
member in an association organized without capital stock and
every holder of commonstock shall be entitled to one vote in
any association organized under this Act of which he may be
a member.

SEC. 485. Voting by proxy shall not be allowed in any asso-
ciation organized under this Act except as provided in section
488.