218                                 Laws of Maryland                         [Ch. 205

thirds (2/3) vote of the board of directors, any interested director
taking no part in such vote, and (2) appraised by a disinterested ap-
praiser appointed by the Director and (3) approved by said Director.

(c) Purchase at less than face value. It shall be unlawful for any
officer, director or employee of an association to have any interest,
direct or indirect, in the purchase at less than its face value of any
free share account or evidence thereof issued by such association.

161X. WITHDRAWAL.

(a) Procedure; limitation or ON withdrawal. Any free shareholder
may at any time present a written application for withdrawal of
all or any part of his free share accounts. No member shall have on
file in any one association more than one application at a time. Every
application shall request immediate withdrawal of a stated amount
in accordance with this Section. Any member may cancel his ap-
plication at any time in whole or in part in writing. Every associa-
tion shall pay, or number, date and file in the order of actual receipt
every withdrawal application. Withdrawals shall be made in the
order of actual receipt of applications, except as provided in this
Section. Upon withdrawal, an association shall pay the value of
any free share account as determined by the board of directors, but
not in excess of the withdrawal value thereof. If an association so
elects, it may at any time pay in full each and every application as
presented. It shall not, however, pay some in full unless it pays
every application on file in full, except by paying all applications on
file on the ratable or pro rata plan prescribed in this Section. The
board of directors shall, however, have an absolute right to pay
upon any application not exceeding two hundred dollars ($200.00)
to any one account holder in any one month in any order. No as-
sociation shall obligate itself to pay withdrawals on any plan other
than as provided in this Section. Free shareholders who have filed
written application for withdrawal shall remain free share mem-
bers as long as their applications remain on file. No dividends shall
be declared on that portion of an account which has been noticed
for withdrawal, which for dividend purposes is required to be de-
ducted from the latest previous additions to such account, as long
as such application is on file.

(b)  Plan of withdrawal; notices; withdrawing account holders not
creditors. The ratable or pro rata plan of withdrawals is as follows:
On the first day of each month, each application which has been on
file since the first day of the preceding month shall be paid its ratable
or pro rata share. At least one-third (1/3) of the receipts of the
association from its members during the preceding calendar month,
exclusive of interest and expense account payments shall be applied
on the first day of each month to the payment of applications which
have been on file since the first day of the preceding month. Each
succeeding month each such application shall receive its ratable or
pro rata share of said receipts as aforesaid; each such application
shall be deemed refiled the first of each succeeding month unless
withdrawn in writing. Such limited payment on the first of each
month, and such renumbering, shall take place on the first day of^m
each subsequent month as long as there are applications unpaid.
Any association may apply to withdrawals an amount larger than
one-third (1/3) of such receipts as aforesaid, but cannot obligate