J. MILLARD TAWES, GOVERNOR                              213

(4) BE ENTITLED TO THE PAYMENT OF DIVIDENDS ONLY
AFTER DIVIDENDS HAVE BEEN DECLARED AND PAID AT
A RATE, TO BE ESTABLISHED BY THE BOARD BY APPRO-
PRIATE REGULATION BUT IN NO EVENT TO BE LESS THAN
TWO PER CENT (2%) NOR MORE THAN THREE AND ONE-
HALF PER CENT (3½%), ON ALL FREE SHARE ACCOUNTS
UNDER THE PROVISIONS OF SECTION 161FF OF THIS
ARTICLE; (5) BE ISSUED ONLY UPON CASH PAYMENT TO
THE ASSOCIATION OF NOT LESS THAN THE PAR VALUE
THEREOF, OR IN CONNECTION WITH A PLAN OF CONSOLI-
DATION, MERGER OR REORGANIZATION APPROVED UNDER
SECTION 161U OF THIS ARTICLE. ANY CERTIFICATES
ISSUED AS EVIDENCE OF OWNERSHIP OF GUARANTY
STOCK SHALL BEAR ON THEIR FACES A STATEMENT THAT
SUCH SHARES ARE "GUARANTY STOCK".

(D)  COMPLIANCE. ANY EXISTING ASSOCIATION WHICH
QUALIFIED FOR THE EXCEPTION TO SUB-SECTION (A)
PROVIDED IN SUB-SECTION (B) HEREOF AND WHICH DE-
SIRES AND INTENDS TO CONTINUE IN THE BUILDING, SAV-
INGS AND LOAN BUSINESS SHALL, ON OR BEFORE JANU-
ARY 1, 1962: (1) REQUIRE THE USE, AT ALL TIMES IN CON-
NECTION WITH SUCH NAME, THE PHRASE, IN PAREN-
THESES, "STOCK CORPORATION"; (2) AMEND ITS COR-
PORATE CHARTER, IF NECESSARY, TO PROVIDE THAT
FREE SHARE ACCOUNT HOLDERS SHALL BE ENTITLED TO
VOTE ON ALL MATTERS AS TO WHICH GUARANTY STOCK
HOLDERS MAY BE ENTITLED TO VOTE, EACH SUCH FREE
SHARE ACCOUNT HOLDER TO BE ENTITLED TO THE VOT-
ING RIGHTS DEFINED IN SECTION 161Q OF THIS ARTICLE;
(3) MAKE SUCH OTHER CHARTER AMENDMENTS AS MAY
BE NECESSARY FOR COMPLIANCE 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, (II) DESCRIBING THE PLAN UNDER WHICH THE
ASSOCIATION INTENDS TO COMPLY WITH THE REQUIRE-
MENTS OF THIS SECTION, AND (III) STATING THAT WITH-
IN 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 REASON-
ABLE PLAN, BUT SUCH PLAN OF PAYMENT SHALL BE
FULLY EXECUTED NO LATER THAN JANUARY 1, 1962; (5)
NO ASSOCIATION 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. (I) ANY EXIST-
ING ASSOCIATION WHICH QUALIFIES FOR THE EXEMP-
TION TO SUB-SECTION (A) PROVIDED IN SUB-SECTION (B)