216                                 Laws of Maryland                         [Ch. 205

161R. BY-LAWS; COPY AND FILING.

At the written request of the Director, a copy of the by-laws and
any amendments thereto of an association, certified to be a true
copy pursuant to Section 48 of this Article, shall be filed with the
Director within ten (10) days of such request.

161S. FINANCIAL STATEMENT.

The president of every association, or if so provided by the by-
laws, some other officer thereof, shall prepare or cause to be pre-
pared annually a statement of its financial condition in a form
prescribed or approved by the Director, which shall be submitted at
the annual meeting of the shareholders and filed within twenty (20)
days thereafter at the principal office of the association in the State.
A certified copy of the statement shall be filed with the Director
within twenty (20) days after the annual meeting of the share-
holders. A statement of condition of the association shall be delivered
to any member upon request. A CERTIFIED STATEMENT OF
THE SALARIES, FEES AND EXPENSE ACCOUNTS PAID TO
THE OFFICERS AND DIRECTORS OF THE ASSOCIATION
SHALL BE FILED WITH THE] DIRECTOR AT THE SAME TIME
THE STATEMENT OF FINANCIAL CONDITION IS FILED AND
SHALL BE MADE AVAILABLE BY THE DIRECTOR TO ALL
FREE SHARE ACCOUNT HOLDERS UPON REQUEST. EVERY
FREE SHARE ACCOUNT HOLDER SHALL BE SENT NOTICE
BY MAIL OF THE PLACE AND DATE OF THE ANNUAL MEET-
ING AT LEAST TWENTY DAYS PRIOR THERETO.

161T. MANAGEMENT; DIRECTORS.

The business and affairs of every association of this State shall be
managed by a board of not less than five (5) nor more than fifteen
(15) directors. All the directors shall be citizens of the United
States and TWO-THIRDS (2/3) OF SUCH DIRECTORS SHALL
BE bona fide residents of this State, except that up to one third

(1/3) of the directors of said board may be residents of states ad-

jacent to Maryland, or the District of Columbia. Such non- NON-
resident directors shall be approved by the Board as qualified to serve
as such directors.

161U. CONSOLIDATION; MERGER; DISSOLUTION.

(a) Approval by Director. Any association shall have power to
consolidate or merge with any other incorporated association in this
State as provided by this Article for corporations having capital
stock, upon first filing its proposed plan of consolidation or merger
with the Director and securing his approval thereof. Any associa-
tion of this State shall have the power to partially liquidate, dis-
solve or reorganize pursuant to the provisions of this Article per-
taining to corporations of this State, upon first filing its proposed
plan of partial liquidation, dissolution or reorganization with the Di-
rector and securing his prior approval thereof. The Director shall
approve any plan of consolidation, merger, liquidation, dissolution
or reorganization filed with him if he finds that (1) any resulting
association meets all requirements of this Article relating to the
formation of new associations; and (2) the plan is fair; and (3)
the execution of the plan will promote the public interest, con-