20 LAWS OF MARYLAND [CH. 1

(2) If it appears from the financial statement of an association,
or the Director has reason to believe that the capital of an association
is impaired, the Director may examine the association and ascertain
the facts, and if he finds that such deficiency exists he shall require
the association to make good such deficiency within sixty (60) days
after the date of request. The directors of every association upon
which a request to make good a deficiency is made, shall levy an
assessment upon the guaranty stock to repair the deficiency. The
directors shall cause notice of such request to be given to each stock-
holder of such association showing the amount of the assessment
which the stockholder must pay for the purpose of making good such
deficiency.

(3) If any stockholder refuses or neglects to pay the assessment
specified in the notice aforesaid within ninety (90) days from the
date of mailing or service of such notice, the directors of the asso-
ciation may sell to the highest bidder the shares of stock of such
stockolder. Before such sale the directors shall publish notice of the
sale for ten (10) days in a newspaper of general circulation published
in the county or city of this State where the principal office of the
association is located and serve a copy of such notice of sale on the
stockholder personally or by mailing it to his last known address ten
(10) days before the day fixed for such sale.

(4) For the purposes of this sub-section: (i) if the value of the
assets of an association after deducting the amount of its liabilities,
including the value of its outstanding free share accounts, is less than
the aggregate par value of the association's outstanding guaranty
stock, the capital of the association shall be deemed to be impaired
for the purposes of this section; (U) all fees, charges and commis-
sions received by an association shall be treated as earned income for
the year received.

(5) The provisions for assessment in this sub-section shall not
apply to free share accounts of members or borrowers.

160Q. MEMBERSHIP AND VOTING RIGHTS.

All shareholders of associations heretofore or hereafter formed
under this Article and all borrowers from such associations, and all
persons assuming or obligated upon loans made or held by such
associations shall be members thereof, and all persons buying the
property securing loans made by such associations subject to such
loans shall have the privilege of such membership at all meetings of
the members of such associations; each borrower and each obligor
upon a loan and each owner shall be entitled to one vote as such
borrower, obligor or owner. Shareholders, with the exception of
borrowers, shall be entitled to one vote for each fully paid share
owned, or alternatively, shareholders shall have one vote for each
free shareholder account.

160R. BY-LAWS; COPY AND FILING.

At the written request of the Director, a copy of the by-laws and
any amendments thereto of an association, certified to be a true copy
pursuant to Section 48 of this Article, shall be filed with the Depart-
ment within ten (10) days of such request.