8 LAWS OF MARYLAND [CH. 1

purposes and with the powers set forth in such articles of amend-
ment. Any association which shall fail to file articles of amendment
as hereinbefore provided shall be deemed to have entered into a
voluntary liquidation, and upon and after February 1, 1962, shall
cease to do business and shall continue in existence only for the
purposes and with only the powers and duties set forth in Sections
76-78 and 82-83 of this Article; and any directory stockholder or
creditor of such association may petition the Circuit Court of Balti-
more City or the circuit court for the county in which the principal
office of the association is located, to take jurisdiction of the liquid-
ation of such association as provided in Section 79 of this Article.

(2) After February 1, 1962, if any association which has failed
to file articles of amendment in accordance with sub-section (b) (1)
hereof shall engage in any activities other than those specified in such
sub-section, the Attorney General may, and upon notification by the
Director shall, institute proceedings against such association as
provided in Section 84 of this Article.

(3) If any association desires to file articles of amendment as
provided by sub-section (b) (1) (U) hereof, it shall first give notice
to its depositors of such fact by registered mail and shall submit
therewith a plan of reorganization which shall specify the contract
rights which such depositors shall possess in the resulting ordinary
business corporation. Within 30 days from the mailing of such
notice any depositor shall have the right^ to exercise his privilege
to withdraw his deposit from such association or to continue as a
shareholder in the resulting ordinary business corporation. If such
depositor elects to withdraw his deposit, as provided for herein, the
association shall repay such deposit in accordance with the terms
and conditions of its charter and by-laws.

(e) Minimum share requirements. (1) Every association referred
to in sub-section (a) hereof shall have and maintain a minimum
aggregate amount of free share accounts, determined by the location
of the principal office of the association, as follows: ten thousand
dollars ($10, 000. 00) in cities, towns or villages having up to fifteen
thousand (15, 000) inhabitants; twenty-five thousand dollars
($25, 000. 00) in cities, towns or villages having more than fifteen
thousand (15, 000) but less than one hundred thousand (100, 000)
inhabitants; fifty thousand dollars ($50, 000. 00) in cities, towns or
villages having one hundred thousand (100, 000) or more inhabitants.
The number of inhabitants of the city, town or village shall be de-
termined by the Director in accordance with the latest federal census.
Any association not complying with the foregoing minimum require-
ments on the effective date of this section shall comply within ninety
(90) days from such effective date.

(2) If any association fails to comply with the provisions of sub-
section (e) (1) hereof, the Attorney General may, and upon notifica-
tion by the Director shall, institute proceedings against such associa-
tion as provided in Section 84 of this Article.

160E. BOARD OF ADVISORS.

(a) Established. The Board of Building, Savings and Loan Asso-
ciation Advisors (referred to herein as the "Board") is hereby
created.