212                              Laws of Maryland                       [Ch. 205

161P. ONLY ONE CLASS OF STOCK. CAPITAL.

(A)   ONLY ONE CLASS OF STOCK. Any association here-
tofore or hereafter formed under this Article shall have or issue
only one kind or class of shares or stock and all the holders of
such shares or stock shall have equal rights as to voting, earn-
ings and assets, and any association heretofore or hereafter formed
shall have power of accepting subscriptions to and payments on
account of any number of shares of OR stock without limit and
without other corporate action, notwithstanding any limitation on
the number of shares or stock authorized by the existing charter of
such association.

(B)  EXCEPTION. NOTWITHSTANDING THE PROVISIONS
OF SUB-SECTION (A) HEREOF, OR OF THE SUBTITLE, IN
ADDITION TO FREE SHARE ACCOUNTS, ANY ASSOCIATION
ORGANIZED UNDER THE LAWS OF THIS STATE PRIOR TO
JANUARY 1, 1961, AND HAVING, AS OF THAT DATE, FREE
SHARE ACCOUNTS IN THE MINIMUM AGGREGATE AMOUNT
REQUIRED IN SECTION 161M (A) OF THIS ARTICLE, AND
AUTHORIZED BY ITS CHARTER TO ISSUE SHARES OR STOCK
IN ONE OR MORE CLASSES, NOT IN THE NATURE OF FREE
SHARE ACCOUNTS AND NOT IN THE NATURE OF BORROW-
ERS' SHARES, MAY MAINTAIN AND ISSUE SUCH SHARES OR
STOCK AS MAY HAVE BEEN AUTHORIZED TO BE ISSUED
UNDER ITS CHARTER AND MAY CONTINUE AS A BUILDING,
SAVINGS AND LOAN BUSINESS, SUBJECT TO THE CONDI-
TIONS PRESCRIBED HEREIN. HOWEVER, ALL SUCH SHARES
OR STOCK, REGARDLESS OF CLASSIFICATION, ANY CHAR-
TER OR BY-LAW PROVISION TO THE CONTRARY NOTWITH-
STANDING, SHALL BE GUARANTY STOCK, SO TERMED AND
DESIGNATED, AND SHALL BE SUBJECT TO THE RESTRIC-
TIONS AND REGULATIONS PROVIDED HEREIN.

NO ASSOCIATION SHALL QUALIFY UNDER THIS EXCEP-
TION UNLESS IT SHALL HAVE SOLD AND OUTSTANDING
ON OR BEFORE OCTOBER 1, 1961, AT LEAST FIFTY THOU-
SAND DOLLARS ($50,000.00) AGGREGATE AMOUNT OF
GUARANTY STOCK.

(C)  GUARANTY STOCK. GUARANTY STOCK SHALL CON-
STITUTE A SECONDARY RESERVE OUT OF WHICH LOSSES
SHALL BE PAID AFTER ALL OTHER AVAILABLE RESERVES
HAVE BEEN EXHAUSTED. SUCH STOCK SHALL: (1) HAVE
A PAR VALUE OF ONE DOLLAR ($1.00) OR SUCH GREATER
AMOUNT AS THE ARTICLES OF INCORPORATION MAY PRO-
VIDE; (2) BE NON-WITHDRAWABLE, EXCEPT AS PROVIDED
IN SUB-SECTION (D) (4) (III) HEREOF, UNTIL ALL CLAIMS
AGAINST AND LIABILITIES OF THE ASSOCIATION HAVE
BEEN FULLY SATISFIED AND ALL FREE SHARE ACCOUNTS
PAID OUT TO THE HOLDERS THEREOF AT THEIR WITH-
DRAWAL VALUE; (3) BE ASSESSABLE IN THE HANDS OF
THE OWNER THEREOF TO THE PAR VALUE AMOUNT
THEREOF FOR THE FULL SATISFACTION OF ALL CLAIMS
AGAINST AND LIABILITIES OF THE ASSOCIATION AND FOR
THE PAYMENT OF THE WITHDRAWAL VALUE OF FREE
SHARE ACCOUNTS TO THE HOLDERS OF SUCH ACCOUNTS;