J. MILLARD TAWES, GOVERNOR 19

make such other charter amendments as may be necessary for com-
pliance with the provisions and requirements of this section; (4)
send by registered mail to each stockholder of record whose shares
are designated to be guaranty stock under this section a notice (i)
stating the intention of the association to continue in the building,
savings and loan business under this section, (U) describing the
plan under which the association intends to comply with the require-
ments of this section, and (Hi) stating that within thirty (30) days
of the mailing of such notice the stockholder of record named therein
shall have the right to redeem at par any shares owned by him which
are designated to be guaranty stock under this section. If any
stockholder elects to redeem as herein provided, the association shall
make payment in accordance with any reasonable plan, but such
plan of payment shall be fully executed no later than January 1, 1962.

No association maintaining or issuing guaranty stock shall after
the effective date of this Act use the word "Association" as part of
its name.

(e) Future issue of guaranty stock. (1) Any existing association
which qualifies for the exemption to sub-section (a) provided in sub-
section (b) hereof may from time to time issue additional shares of
guaranty stock, provided, however, that any such issue shall be made
in accordance with a plan which shall have been filed with and ap-
proved by the Director. The Director shall approve any such plan
filed with him if he finds that (i) the association has complied with
the provisions of sub-section (d) hereof, and (ii) the plan is^ fair.
Any applicant or protesting association aggrieved by any action or
non-action of the Director under this section may appeal therefrom
in accordance with the appeal provisions of Section 160H relating to
orders.

(2) All prospectae and advertising matter relating to subscriptions
for guaranty stock shall include a statement that shares of guaranty
stock are not insured.

(3) No association shall pay to any person any commission for
obtaining any subscription for or sale of shares of guaranty stock.

(4) No association shall give or otherwise grant anything in the
nature of a stock option to any officer, director, attorney, employee
or other person in connection with or for the performance of any
services for the association.

(f) List of stockholders. Any association which has issued any
outstanding guaranty stock shall annually furnish the Director a
list showing the name, address and number of shares owned by each
owner of guaranty stock, which list shall be kept confidential by the
Director.

(g) Assessment. (1) Any association which qualifies for the ex-
ception to sub-section (a) hereof provided in sub-section (b) hereof
shall prepare a list showing the amount of guaranty stock sold or
issued as of January 1, 1961, the par value thereof and the proceeds
thereof as reflected in the financial records of the association as of
January 1, 1961. The proceeds from the sale of said stock shall be
set apart to the extent of the par value and shall be maintained as
a fixed and permanent capital of the association. Any proceeds from
sale or issuance of such stock after January 1, 1961, shall become
part of the fixed and permanent capital of the association.