1356                           LAWS OF MARYLAND                      [CH. 649

be appointed receiver to administer the affairs of such insolvent
association [, company or organization] or to be appointed receiver
or conservator in charge of such liquidation, reorganization, con-
solidation or merger. Under any circumstances or sets of circum-
stances covered by the provisions of this section, the court having
such association [, company or organization] under its jurisdiction
shall, in each instance, appoint said Federal Savings and Loan
Insurance Corporation, or its successor agency, as receiver of, or as
conservator in charge of the liquidation, reorganization, consolida-
tion or merger of such association [, company or organization].

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
associations 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. Any association may provide in its by-
laws what shall constitute a quorum at annual or special meetings
of its shareholders or members.

SEC. 19. And be it further enacted, That Sections 184, 185, 186, 187,
188, 189, 190, 191, 192, 201, 204, 211, 218, 219, 220, 221, 222, 223,
224, 225, 239, 240, 241, 242, 243, 244, 245, 246 and 247 of Article 23
of the Annotated Code of Maryland (1957 Edition) title "Corpora-
tions," subheading "III. Particular Classes of Corporations," sub-
title "Railroad Companies," be and the same are hereby repealed,
as follows:

[184. Authority and number who may form; rights, privileges

powers and restrictions generally.]

[Any number of natural persons, not less than five, three of whom
shall be citizens of Maryland, may become a body corporate, with all
the rights, privileges and powers conferred by and subject to all the
restrictions of Secs. 184 to 255 of this article.]

[185. Certificate of incorporation to be filed; contents; evidence of
existence.]

[Any number of persons as aforesaid, associating to form a company
for the purpose of constructing or operating a railroad, shall, under
their hands and seals, make a certificate, which shall specify as
follows: first, the name assumed by such company and by which it
shall be known; second, the name of the places of the termini of said
road, and the county or counties, city or cities, through which such
road shall pass; third, the amount of capital stock necessary to con-
struct such road; such certificate shall be acknowledged before a
justice of the peace, and certified by the clerk of the circuit court
for any county through which the road passes; and when said certi-
ficate is executed, it shall be the duty of the persons executing the