214                               Laws of Maryland                       [Ch. 205

HEREOF MAY FROM TIME TO TIME ISSUE ADDITIONAL
SHARES OF GUARANTY STOCK, PROVIDED, HOWEVER,
THAT ANY SUCH ISSUE SHALL BE MADE IN ACCORDANCE
WITH A PLAN WHICH SHALL HAVE BEEN FILED WITH
AND APPROVED BY THE DIRECTOR. THE DIRECTOR SHALL
APPROVE ANY SUCH PLAN FILED WITH HIM IF HE FINDS
THAT (I) THE ASSOCIATION HAS COMPLIED WITH THE
PROVISIONS OF SUB-SECTION (D) HEREOF, AND (II) THE
PLAN IS FAIR. ANY APPLICANT OR PROTESTING ASSOCIA-
TION AGGRIEVED BY ANY ACTION OR NON-ACTION OF THE
DIRECTOR UNDER THIS SECTION MAY APPEAL THERE-
FROM IN ACCORDANCE WITH THE APPEAL PROVISIONS OF
SECTION 161H RELATING TO ORDERS.

(2)  ALL PROSPECTAE AND ADVERTISING MATTER RE-
LATING TO SUBSCRIPTIONS FOR GUARANTY STOCK SHALL
INCLUDE A STATEMENT THAT SHARES OF GUARANTY
STOCK ARE NOT INSURED.

(3)  NO ASSOCIATION SHALL PAY TO ANY PERSON ANY
COMMISSION FOR OBTAINING ANY SUBSCRIPTION FOR OR
SALE OF SHARES OF GUARANTY STOCK.

(4)  NO ASSOCIATION SHALL GIVE OR OTHERWISE GRANT
ANYTHING IN THE NATURE OF A STOCK OPTION TO ANY
OFFICER, DIRECTOR, ATTORNEY, EMPLOYEE OR OTHER
PERSON IN CONNECTION WITH OR FOR THE PERFORM-
ANCE OF ANY SERVICES FOR THE ASSOCIATION.

(F)  LIST OF STOCKHOLDERS. ANY ASSOCIATION WHICH

HAS ISSUED ANY OUTSTANDING GUARANTY STOCK SHALL
ANNUALLY FURNISH THE DIRECTOR A LIST SHOWING
THE NAME, ADDRESS AND NUMBER OF SHARES OWNED
BY EACH OWNER OF GUARANTY STOCK, WHICH LIST
SHALL BE KEPT CONFIDENTIAL BY THE DIRECTOR.

(G)  ASSESSMENT. (1) ANY ASSOCIATION WHICH QUALI-
FIES FOR THE EXCEPTION TO SUB-SECTION (2) HEREOF
PROVIDED IN SUB-SECTION (B) HEREOF SHALL PREPARE
A LIST SHOWING THE AMOUNT OF GUARANTY STOCK SOLD
OR ISSUED AS OF JANUARY 1, 1961, THE PAR VALUE THERE-
OF AND THE PROCEEDS THEREOF AS REFLECTED IN THE
FINANCIAL RECORDS OF THE ASSOCIATION AS OF JANU-
ARY 1, 1961. THE PROCEEDS FROM THE SALE OF SAID
STOCK SHALL BE SET APART TO THE EXTENT OF THE PAR
VALUE AND SHALL BE MAINTAINED AS A FIXED AND
PERMANENT CAPITAL OF THE ASSOCIATION. ANY PRO-
CEEDS FROM SALE OR ISSUANCE OF SUCH STOCK AFTER
JANUARY 1, 1961, SHALL BECOME PART OF THE FIXED AND
PERMANENT CAPITAL OF THE ASSOCIATION.

(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 IM-
PAIRED, THE DIRECTOR MAY EXAMINE THE ASSOCIA-
TION AND ASCERTAIN THE FACTS, AND IF HE FINDS THAT
SUCH DEFICIENCY EXISTS HE SHALL REQUIRE THE ASSO-