J. MILLARD TAWES, GOVERNOR                               215

CIATION TO MAKE GOOD SUCH DEFICIENCY WITHIN 60
DAYS AFTER THE DATE OF REQUEST. THE DIRECTORS
OF EVERY ASSOCIATION UPON WHICH A REQUEST TO
MAKE GOOD A DEFICIENCY IS MADE, SHALL LEVY AN
ASSESSMENT UPON THE GUARANTY STOCK TO REPAIR
THE DEFICIENCY. THE DIRECTORS SHALL CAUSE NOTICE
OF SUCH REQUEST TO BE GIVEN TO EACH STOCKHOLDER
OF SUCH ASSOCIATION SHOWING THE AMOUNT OF THE
ASSESSMENT WHICH THE STOCKHOLDER MUST PAY FOR
THE PURPOSE OF MAKING GOOD SUCH DEFICIENCY.

(3)   IF ANY STOCKHOLDER REFUSES OR NEGLECTS TO
PAY THE ASSESSMENT SPECIFIED IN THE NOTICE AFORE-
SAID WITHIN 90 DAYS FROM THE DATE OF MAILING OR
SERVICE OF SUCH NOTICE, THE DIRECTORS OF THE ASSO-
CIATION MAY SELL TO THE HIGHEST BIDDER THE SHARES
OF STOCK OF SUCH STOCKHOLDER. BEFORE SUCH SALE
THE DIRECTORS SHALL PUBLISH NOTICE OF THE SALE
FOR 10 DAYS IN A NEWSPAPER OF GENERAL CIRCULATION
PUBLISHED IN THE COUNTY OR CITY OF THIS STATE
WHERE THE PRINCIPAL OFFICE OF THE ASSOCIATION IS
LOCATED, AND SERVE A COPY OF SUCH NOTICE OF SALE
ON THE STOCKHOLDER PERSONALLY OR BY MAILING IT
TO HIS LAST KNOWN ADDRESS 10 DAYS BEFORE THE DAY
FIXED FOR SUCH SALE.

(4)   FOR THE PURPOSES OF THIS SUB-SECTION: (1) IF
THE VALUE OF THE ASSETS OF AN ASSOCIATION AFTER
DEDUCTING THE AMOUNT OF ITS LIABILITIES, INCLUD-
ING THE VALUE OF ITS OUTSTANDING FREE SHARE AC-
COUNTS, IS LESS THAN THE AGGREGATE PAR VALUE OF
THE ASSOCIATION'S OUTSTANDING GUARANTY STOCK,
THE CAPITAL OF THE ASSOCIATION SHALL BE DEEMED
TO BE IMPAIRED FOR THE PURPOSES OF THIS SECTION;
(2) ALL FEES, CHARGES AND COMMISSIONS RECEIVED BY
AN ASSOCIATION SHALL BE TREATED AS EARNED INCOME
FOR THE YEAR RECEIVED.

(5)   THE PROVISIONS FOR ASSESSMENT IN THIS SUB-
SECTION SHALL NOT APPLY TO FREE SHARE ACCOUNTS
OF MEMBERS OR BORROWERS.

161Q. MEMBERSHIP AND VOTING RIGHTS.

All shareholders of associations heretofore or hereafter formed
under this Article and all borrowers from such associations, and all
persons assuming or obligated upon loans made or held by such as-
sociations shall be members thereof, and all persons buying the
property securing loans made by such associations subject to such
loans shall have the privilege of such membership at all meetings of
the members of such associations; each borrower and each obligor
upon a loan and each owner shall be entitled to one vote as such
borrower, obligor or owner. Shareholders, with the exception of
borrowers, shall be entitled to one vote for each fully paid share
owned , OR ALTERNATIVELY, SHAREHOLDERS SHALL HAVE
ONE VOTE FOR EACH FREE SHAREHOLDER ACCOUNT.