MARVIN MANDEL, Governor

1823

(A)   MEMBERSHIP.

THE MEMBERS OF A SAVINGS AND LOAN ASSOCIATION SHALL
INCLUDE EVERY:

(1) BORROWER FROM THE SAVINGS AND LOAN
ASSOCIATION;

(2)   OBLIGOR ON A LOAN MADE OR HELD BY THE
SAVINGS AND LOAN ASSOCIATION;

(3)    BUYER OF PROPERTY WHICH SECURES ANY LOAN
MADE BY TEE SAVINGS AND LOAN ASSOCIATION; AND

(4)    SHAREHOLDER OF THE SAVINGS AND LOAN
ASSOCIATION.

(B)   VOTING RIGHTS.

AT BACH MEETING OF THE MEMBERS OF A SAVINGS AND LOAN
ASSOCIATION, EACH MEMBER HAS THE FOLLOWING VOTING RIGHTS:

(1)    EACH BORROWER, OBLIGOR, AND BUYER OF
PROPERTY HAS, AS A BORROWER, OBLIGOR, OR BUYER OF
PROPERTY, ONE VOTE; AND

(2)    EACH SHAREHOLDER OTHER THAN A BORROWER
HAS, AS THE CHARTER OR BYLAWS PROVIDE:

(I)   ONE VOTE FOR EACH OF HIS FULLY PAID

SHARES; OR

(II)    ONE VOTE FOP EACH OF HIS FREE SHARE
ACCOUNTS.

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

The provisions of the last sentence in present
§1610 for specification of quorun are included
in §6-222 (b) (2) of this subtitle.

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

6-220. MANAGEMENT OF SAVINGS AND LOAN ASSOCIATION.

(A) BOARD OF DIRECTORS.

THE BOARD OF DIRECTORS OF A SAVINGS AND LOAN
ASSOCIATION SHALL MANAGE ITS BUSINESS AND AFFAIRS.

(B) NUMBER.