1816

LAWS OF MARYLAND

[Ch. 311

FAILURE TO COMMENCE OR ENGAGE IN BUSINESS; AND

(2)    DIRECTS THE SAVINGS AND LOAN ASSOCIATION
TO CEASE AND DISSOLVE ITS BUSINESS,

REVISOR'S NOTE: This section is new language derived
without substantive change from Art. 23,
§161M(f) .

The first clause of present §161M(f), which
relates to failure to engage in business
within 90 days of enactment of the section, is
deleted as obsolete.

In subsection (c) of this section, the term
"Department of Assessments and Taxation" is
used, although the word "Department" is
defined in Title 1 of this article, to avoid
confusion with the Department of Licensing and
Regulation.

The term "savings and loan association" is
defined in § 6—201 of this subtitle.

The word "charter" is defined in Title 1 of
this article,

6-212. SHARES.

(A)   ONE CLASS.

(1) EXCEPT AS PROVIDED IN §6-213 OF THIS
SUBTITLE, A SAVINGS AND LOAN ASSOCIATION MAY HAVE AND
ISSUE ONLY ONE CLASS OF SHARES OR STOCK.

(2) ALL SHAREHOLDERS SHALL HAVE EQUAL RIGHTS
AS TO VOTING, EARNINGS, AND ASSETS OF THE SAVINGS AND
LOAN ASSOCIATION.

(3)     EXCEPT AS PROVIDED IN ARTICLE 23,
§161FF(D) OF THE CODE, A SAVINGS AND LOAN ASSOCIATION MAY
NOT PAY ANY FIXED RATE OR AMOUNT, INCLUDING ADDITIONAL
DIVIDENDS, ON A FREE SHARE ACCOUNT.

(B)   UNLIMITED NUMBER OF SHARES.

A SAVINGS AND LOAN ASSOCIATION MAY ACCEPT
SUBSCRIPTIONS AND PAYMENT FOR AN UNLIMITED NUMBER OF ITS
SHARES WITHOUT OTHER CORPORATE ACTION, NOTWITHSTANDING
ANY LIMITATION IN ITS CHARTER ON THE NUMBER OF SHARES.

REVISOR'S NOTE: This section is new language derived
without substantive change from the first
sentence of Art. 23, §161P(a).