476 LAWS OF MARYLAND. [CH. 232

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 orig-
inally incorporated under such Act of Congress, and the
procedure to effect such conversion shall be as follows:

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

(b) At a meeting of the shareholders of any such as-
sociation or company held as provided for in paragraph
(a), such unredeemed shareholders may, by the affirmative
vote of fifty-one per cent (51%) of all of the unredeemed
shares outstanding and entitled to vote, declare, by resolu-
tion, its determination to convert said association into a
Federal Savings and Loan Association with all the powers
reserved to and granted such 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, " or any
amendments that have been made or that may hereafter be
made thereto.

(c) Within six months after the date of the meeting
and determination referred to in paragraph (b) hereof
such association or company shall take such action as is
prescribed by the Act of Congress and the rules and regu-
lations promulgated thereon by the Federal Home Loan
Bank Board, as shall make it a Federal Savings and Loan
Association, and as such entitled to all the privileges and
powers contained in the Act of Congress providing for the
formation and organization of such Federal corporations,
and within sixty days after receipt of its Federal charter
there shall be filed in the office of the Clerk of the Court
in the County or Counties, or in the City of Baltimore in
the office of the Clerk of the Superior Court, in which said
State association had been conducting its business and
operation, and in the office of the State Tax Commission

duly certified copies of its charter.

*

(d) All conversions, including sale and exchange of as-
sets under Article 23, Section 36, of the Code of Public
General Laws of Maryland, 1924 Edition, heretofore made
by building, homestead and loan associations in this State
are hereby validated and declared to be of the same effect
as if said conversions, including sale and exchange of as-
sets, had been effected under the provisions of this Act,