SPIRO T. AGNEW, Governor                      1371

[(c)] (d) The articles, if the association is organized with cap-
ital stock, shall state the amount of such stock, the number of shares
and the par value of each share. The issuance of stock, without
expressed par value, shall not be allowed. [The association may issue
preferred stock or certificates of indebtedness and may provide by
contract with its members or patrons, for retaining out of any money
due from the association to said members or patrons, any amount
sufficient to pay the dividends on such preferred stock and to accom-
plish the retirement thereof and of the said certificates of indebted-
ness.]

[(d)] (e) The articles, if the association is organized without
capital stock, shall state whether the property rights of members
shall be equal or unequal, and if unequal, the rule by which the prop-
erty rights of the respective members shall be determined, including
members admitted at any time after original organization. [The
association may admit new members who shall be entitled to share in
the property of the association upon the same basis as the old mem-
bers. This provision relating to property rights, shall not be amended
or repealed by the association, except by the vote of at least three-
fourths of the members.]

352.    Filing Articles with State Department of Assessments and
Taxation.

The original articles of incorporation of an association organized
under this subtitle [, or a true copy thereof verified as such by the
affidavits of two of the signers thereof] shall be filed with the [State
Tax Commission who] Department, which shall record and transmit
a copy in all respects as provided in Secs. 128 and 130 of this article
for other corporations.

353.    Amendment of Articles.

[The articles of incorporation of any association organized under
this subtitle or which may elect to come under the provisions of this
subtitle may be amended in the following manner: The board of
directors, by majority vote of its members, may pass a resolution
setting forth the full text of the proposed amendment and also the
full text of such section or sections as may be repealed by such amend-
ments. Upon such action by the board of directors, notice shall be
mailed to each and every member containing a copy of the resolution
so adopted, the full text of the proposed amendment and also the full
text of such section or sections as may be repealed by such amend-
ment. Such notice shall also designate the time and place of the meet-
ing at which such proposed amendment shall be considered and voted
upon, in the same manner as elsewhere provided in this subtitle. If a
quorum of the members is registered as being present or represented
by mail votes at such meeting, a majority of the members so present
or represented by mail vote, may adopt or reject such proposed
amendment; provided that no amendment may be adopted incon-
sistent with Sec. 351.

Said power to amend shall include the power to increase or dimin-
ish the amount of capital stock and the number of shares; provided,
that the amount of the capital stock shall not be diminished below the
amount of the paid-up capital at the time that the amendment is
adopted. Within thirty days after the adoption of an amendment to