1354                           LAWS OF MARYLAND                      [CH. 649

of the members of such associations, each borrower and each
obligor upon a loan and each owner of property subject to a loan
shall be entitled to one vote as such borrower, obligor or owner.
Shareholders, whether borrowers or not, shall be entitled to vote
as heretofore provided by law or the charter and bylaws of such
associations.]

[158. Annual shareholders' meetings.]

[(a) Notice of annual meeting of shareholders or members.—
The notice to be given of the annual meeting of shareholders or
members may be regulated by the bylaws of any building associa-
tion, loan company, homestead association, sayings and loan associa-
tion, or other association formed under this subtitle, and unless
otherwise provided in the bylaws, each shareholder or member shall
be given notice of the time and place of such meeting in the manner
provided for in Section 39.]

[(b)] Quorum of shareholders or members.—Any building
association, loan company, homestead association, savings and loan
association, or other association formed under this subtitle may
provide in its bylaws what shall constitute a quorum at such annual
meeting of shareholders or members.]

159. Conversion into federal savings and loan association.

Any [building or homestead] association [and any building and
loan association, or savings and loan association or company, or
other home financing organization by whatsoever name or style
it may be designated] eligible to become a member of the federal
home loan bank system, may convert itself into a federal savings
and loan association, as provided for in the act of the Congress of
the United States, approved the 13th day of June, 1933, entitled
"The Home Owners Loan Act of 1933," with amendments, with
the same force and effect as though originally incorporated under
such act of Congress, and the procedure to effect such conversion
shall be as follows:

(a)    Meeting of shareholders.—A meeting of the shareholders
shall be called for such purpose in accordance with the provisions
of Sections 38 and 39 of this article, or any amendments thereof or
thereto.

(b)    Vote.—At a meeting of the shareholders of any such associ-
ation [or company] held as provided for in paragraph (a), such
unredeemed shareholders may, by the affirmative vote of fifty-
one per cent (51%) of all of the unredeemed shares outstanding and
entitled to vote, declare, by resolution, its determination to convert
said association into a federal savings and loan association with all
powers reserved to and granted such federal savings and loan as-
sociation, as provided for in the act of the Congress of the United
States approved the 13th day of June, 1933, entitled "The Home
Owners Loan Act of 1933," or any amendments that have been
made or that may hereafter be made thereto.

(c)    To take action prescribed by Congress and rules and regula-
tions of federal home loan bank board.—Within six months after
the date of the meeting and determination referred to in paragraph
(b) hereof such association [or company] shall take such action