MARVIN MANDEL, Governor

1819

(4) PAID IN ACCORDANCE WITH ANY REASONABLE
PLAN EACH HOLDER WHO ELECTED TO REDEEM HIS SHARES OR
STOCK.

REVISOR'S NOTE: This section is new language derived
without substantive change from Art. 23,
§161P(b), (d), and (a).

The provisions of present § 161P(b) which
relate to approved plans for issuance of
guaranty stock are included in § 6—214 of this
subtitle.

The provisions of present §161P(b), which
relate to designation as guaranty stock, are
included in § 6-217(b)(5) of this subtitle.

The word "division," which is defined in
§6-201 (d) of this subtitle, is substituted
for the words "Department of Building, Savings
and Loan Association" in accordance with Art.
23, §161G(a) of the Code.

The term "savings and loan association" is
defined in § 6-201(g) of this subtitle.

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

6-214. ISSUANCE OF GUARANTY STOCK UNDER APPROVED PLAN.

(A)       PLAN.

EACH FUTURE ISSUANCE OF GUARANTY STOCK SHALL CONFORM
TO A PLAN FILED WITH AND APPROVED BY THE DIVISION
DIRECTOR.

(B)   APPROVAL OF PLAN.

THE DIVISION DIRECTOR SHALL APPROVE A PLAN IF HE
FINDS THAT THE PLAN IS FAIR AND THAT THE SAVINGS AND LOAN
ASSOCIATION HAS SATISFIED THE REQUIREMENTS OF §6-213(C)
OF THIS SUBTITLE.

(C)   APPEAL.

ANY APPLICANT OR PROTESTING SAVINGS AND LOAN
ASSOCIATION WHICH IS AGGRIEVED BY THE ACTION OR NONACTION
OF THE DIVISION DIRECTOR MAY APPEAL IN ACCORDANCE WITH
ARTICLE 23, §161H OF THE CODE.

REVISOR'S NOTE: This section is new language derived
without substantive change from Art. 23,
§161P(b) and (e)(1).