200                                 Laws of Maryland                         [Ch. 205

ligations of any existing association shall continue in full force and
effect. All such associations shall henceforth be operated and regu-
lated in accordance with the provisions of Sections 161A through
16IKK of this Article.

(b) Compliance with stock class provisions. (1) If any associa-
tion referred to in subsection (a) hereof does not meet the standard
STANDARDS and requirements established and provided by Section
161P of this Article, such association may, on or before July JANU-
ARY 1, 1962: (i) comply with such standards and requirements by
filing appropriate articles of amendment with the Board and with the
State Department of Assessments and Taxation; or (ii) if such articles
of amendment are not so filed, or if any such association otherwise fails
to conform to the provisions of this Article, such association may, on or
before August FEBRUARY 1, 1962, file articles of amendment with
the Board and with the State Department of Assessments and Taxa-
tion amending its charter by relinquishing such portion of its name,
powers and purposes as relate to associations existing under this Ar-
ticle so that it shall cease to exist as an association, and pursuant to
such articles of amendment shall thereafter continue in business as an
ordinary business corporation for the purposes and with the powers
set forth in such articles of amendment. 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 August 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 director, stockholder or creditor of such association may peti-
tion the Circuit Court of Baltimore City or the circuit court for the
county in which the principal office of the association is located, to
take jurisdiction of the liquidation of such association as provided in
Section 79 of this Article.

(2) After August 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 Board 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)

(2)   HEREOF, IT SHALL FIRST GIVE NOTICE TO ITS DE-
POSITORS 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 OR-
DINARY BUSINESS CORPORATION. WITHIN 30 DAYS FROM
THE MAILING OF SUCH NOTICE ANY DEPOSITOR SHALL
HAVE THE RIGHT TO EXERCISE HIS PRIVILEGE TO WITH-
DRAW HIS DEPOSIT FROM SUCH ASSOCIATION OR TO CON-
TINUE 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 ACCORD-
ANCE WITH THE TERMS AND CONDITIONS OF ITS CHARTER
AND BY-LAWS.