1400                               Laws of Maryland                         [Ch. 822

such amendments shall require approval by the affirmative vote of
two-thirds of the votes to which the stockholders shall be entitled
and two-thirds of the votes to which the members shall be entitled;
provided, that no amendment of this charter which is inconsistent
with the general purposes expressed herein or which authorizes any
additional class of capital stock to be issued shall be made without
amendment of this sub-title; and provided, further, that no amend-
ment of the charter which increases the obligation of a member to
'make loans to the corporation, or makes any changes in the principal
amount, interest, rate, maturity date, or in the security or credit
position of any outstanding loan of a member to the corporation,
or affects a member's right to withdraw from membership as pro-
vided in Section 419, or affects a member's voting rights as pro-
vided herein, shall be made without the consent of each member
affected by such amendment. If and whenever any provision of this
sub-title shall have been amended, deleted, or added by an act of
legislature enacted into law subsequent to June 1, 1959, such act
(herein referred to as "legislative amendment") shall be submitted,
to a meeting of the stockholders and the members of the corporation
for their approval OR DISAPPROVAL IN THE SAME MANNER
AS THOUGH IT WERE AN AMENDMENT PROPOSED without
a legislative act. Within thirty days after any meeting at which a
legislative amendment has been voted on, a certificate signed and
sworn to by the clerk or other recording officer of the corporation
setting forth the action taken at such meeting with respect to such
amendment, shall be filed in the office of the Secretary of State.

419. Membership

(a) The members of such corporation shall consist of any financial
institutions as may make application for membership to the Board
of Directors, on such form and in such manner as said Board of
Directors may require; and membership shall become effective upon
acceptance of such application by said Board of Directors.

(b)  Membership in the corporation shall be for the duration of the
corporation provided that:

1.  Upon written notice given to the corporation one year in ad-
vance, a member may withdraw from membership in the corporation
at the expiration date of such notice, or;

2.  If there shall be a legislative amendment of this charter which
shall not have been approved by the members and stockholders as
provided for in Section 418 within sixty days after the effective
date of such amendment, any member voting against the approval
of such amendment may withdraw from membership forthwith
upon giving written notice to the corporation not later than ninety
days from the effective date of such amendment.

A member shall not be obligated to make any loans to the corpora-
tion pursuant to calls made subsequent to the withdrawal of said
member.

(c)  For the purposes of this sub-title, the term "financial institu-
tion" shall mean any banking corporation or institution, trust,
company, savings bank, cooperative bank, savings and loan asso-
ciation or building corporation, partnerships, foundation, insurance