MARVIN MANDEL, Governor

1821

EXHAUSTED.

(B)   REQUIREMENTS OF GUARANTY STOCK.
THE GUARANTY STOCK SHALL:

(1)   HAVE A PAR VALUE OF $1, UNLESS THE
CHARTER PROVIDES FOR A GREATER AMOUNT;

(2)    BE NONWITHDRAWABLE UNTIL EVERY CLAIM
AGAINST AND EVERY LIABILITY OF THE SAVINGS AND LOAN
ASSOCIATION IS SATISFIED FULLY AND EVERY FREE SHARE
ACCOUNT IS PAID TO ITS HOLDER AT ITS WITHDRAWAL VALUE;

(3)   BE ASSESSABLE IN THE HANDS OF THE OWNER
TO ITS PAR VALUE AMOUNT FOR FULL SATISFACTION OF EVERY
CLAIM AGAINST AND LIABILITY OF THE SAVINGS AND LOAN
ASSOCIATION AND FOR PAYMENT OF THE WITHDRAWAL VALUE OF
EACH FREE SHARE ACCOUNT TO ITS HOLDER;

(4)   BE ENTITLED TO PAYMENT OF DIVIDENDS ONLY
AFTER DIVIDENDS ARE DECLARED AND PAID ON EVERY FREE SHARE
ACCOUNT AS PROVIDED IN ARTICLE 23, §161FF OF THE CODE;

(5)   BE TERMED AND DESIGNATED "GUARANTY STOCK"
REGARDLESS OF ITS CLASS AND NOTWITHSTANDING ANY CHARTER
OR BYLAW PROVISION; AND

(6)   BE ISSUED ONLY:

(I)  ON PAYMENT IN CASH OF AT LEAST ITS PAR
VALUE; OR

(II)    UNDER A PLAN OF CONSOLIDATION, MERGER,
OR REORGANIZATION APPROVED UNDER §6-227 OF THIS SUBTITLE.

(C)   CERTIFICATE.

EACH CERTIFICATE WHICH EVIDENCES GUARANTY STOCK
SHALL BEAR ON ITS FACE A STATEMENT THAT THE SHARES ARE
"GUARANTY STOCK."

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

In subsection (b)(2) of this section, the
reference to exception to the nonwithdrawable
nature of guaranty stock is deleted as
obsolete, since the option to redeem under
present §161P(d)(4) (iii) , now §6-213(c)(3) of
this subtitle, had to be exercised by January
31, 1962, at the latest.