SPIRO T. AGNEW, Governor                         683

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 161P(b) of Article 23 of the Annotated Code of Mary-
land (1966 Supplement), title "Corporations," subtitle "Building or
Homestead Associations," be and it hereby is repealed and re-enacted,
with amendments, to read as follows:

161P.

(b) Notwithstanding the provisions of subsection (a) hereof, or
of the subtitle, in addition to free share accounts, any association
organized under the laws of this State prior to January 1, 1961, and
having, as of that date, free share accounts in the minimum aggre-
gate amount required in Section 161M(a) of this article, and author-
ized by its charter to issue shares or stock in one or more classes, not
in the nature of free share accounts and not in the nature of bor-
rower's shares, may maintain and from time to time issue such
shares or stock as may have been authorized to be issued under its
charter but are then unissued and such additional shares as may be
authorized by charter amendment approved by the Board provided
each such issuance is in conformity with a plan previously filed with
and approved by the Director in accordance with subparagraph (e)
hereof and may continue as a building, savings and loan business,
subject to the conditions prescribed herein. However, all such shares
or stock, regardless of classification, any charter or bylaw provision
to the contrary notwithstanding, shall be guaranty stock, so termed
and designated, and shall be subject to the restrictions and regula-
tions provided herein.

No association shall qualify under this exception unless it shall
have sold and outstanding on or before October 1, 1961, at least fifty
thousand dollars ($50,000.00) aggregate amount of guaranty stock.

Sec. 2. And be it further enacted, That this Act shall take effect
June 1, 1967.

Approved April 14, 1967.

CHAPTER 332
(House Bill 932)

AN ACT to repeal and re-enact, with amendments Section 161E(b)
of Article 23 of the Annotated Code of Maryland (1966 Supple-
ment), title "Corporations," subtitle "Building or Homestead Asso-
ciations," to revise the experience and residence requirements for
members of the Board of Building, Savings and Loan Association
Commissioners.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 161E(b) of Article 23 of the Annotated Code of Mary-
land (1966 Supplement), title "Corporations," subtitle "Building or
Homestead Associations," be and it is hereby repealed and re-enacted,
with amendments, to read as follows: