SPIRO T. AGNEW, Governor                      1377

any stockholder which is offered by such stockholder, and may reserve
to said board of directors the right to recall the stock of any stock-
holder, subject to the further limitation that such associations, upon
exercising said option to buy or right to recall, shall pay for this
stock at its book value or at its par value where the book value is less
than the par value, provided that no restrictions upon the ownership
or transfer or voting of stock authorized by this section shall be valid,
unless a provision setting out such restrictions is contained in the
articles of incorporation of the association and printed upon the
stock subscription paper, if any, and upon the stock certificate.]

365.    Sale of Stock.

[No member in any association organized without capital stock
and no holder of stock whether common or preferred, shall be en-
titled to more than one vote, but every member in an association
organized without capital stock and every holder of common stock
shall be entitled to one vote in any association organized under this
subtitle of which he may be a member.] Any association
may provide that its common stock or membership
shall be sold only to persons designated or described by the by-laws
and that a stockholder or member shall lose the power to vote if
he ceases to belong to the class of persons designated or described
in said by-laws. Any association may limit the number of
shares which any person may hold and may reserve to
the board of directors of the association the prior option to buy for
the association the stock of any stockholder which is offered by such
stockholder, and may reserve to said board of directors the right to
recall the stock of any stockholder, subject to the further limitation
that such associations, upon exercising said option to buy or right to
recall, shall pay for this stock at its book value or at its par value
where the book value is less than the par value, provided that no
restrictions upon the ownership or transfer or voting of stock author-
ized by this section shall be valid, unless a provision setting out such
restrictions is contained in the articles of incorporation of the asso-
ciation and printed upon the stock subscription paper, if any, and
upon the stock certificate.

366.    Voting.

(a)    No member in any association organized without capital
stock and no holder of stock whether common or preferred, shall be
entitled to more than one vote, but every member in an association
organized without capital stock and every holder of common stock
shall be entitled to one vote in any association.

(b)    Voting by proxy shall not be allowed in any association
organized under this subtitle [except as provided in Sec. 369];
voting by mail shall not be considered voting by proxy.

(c)    At any regular or special meeting legally called, a written
vote received by mail from any absent member and signed by him
may be read in such meeting and shall be equivalent to. a vote of the
member so signing; provided, that he has been previously notified in
writing of the exact motion or resolution upon which such vote is
taken; and a copy of the same is forwarded with the same and at-
tached to the vote so mailed by him. Such vote by mail, however, shall
not be counted in computing a quorum.