1824                                        LAWS OF MARYLAND                     [Ch. 311

EACH SAVINGS AND LOAN ASSOCIATION SHAH. HAVE NOT
LESS THAN FIVE AND NOT MORE THAN 15 DIRECTORS.

(C) QUALIFICATIONS.

(1)       EACH DIRECTOR SHALL BE A CITIZEN OF THE
UNITED STATES.

(2)      TWO-THIRDS OF THE DIRECTORS SHALL BE BONA
FIDE RESIDENTS OF THE STATE.

(3)            EACH NON-RESIDENT DIRECTOR SHALL BE
APPROVED BY THE BOARD OF COMMISSIONERS AS QUALIFIED TO
SERVE.

REVISOR'S NOTE: This section is new language derived
without substantive change from Art. 23,
§161T.

The terms "Board of Commissioners" and
"savings and loan association" are defined in
§ 6—201 of this subtitle.

6-221. CHARTER AMENDMENT.

THE CHARTER OF A SAVINGS AND LOAN ASSOCIATION MAY BE
AMENDED AS PROVIDED IN TITLE 2, SUBTITLE 6 OF THIS
ARTICLE. ARTICLES OF AMENDMENT SHALL BE FILED AND
APPROVED AS REQUIRED BY §6-208 OF THIS SUBTITLE FOR
ARTICLES OF INCORPORATION, EXCEPT THAT THE REQUIREMENT TO
PUBLISH NOTICE OF THE FILING DOES NOT APPLY AND THE FEE
FOR FILING IS $10.

REVISOR'S NOTE: This section is new language derived
without substantive change from Art. 23,
§161-0.

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.

6-222. STOCK - PERMISSIBLE CHARTER OR BYLAW PROVISIONS.

(A) CHARTER OR BYLAWS.

THE CHARTER OR BYLAWS OF A SAVINGS AND LOAN
ASSOCIATION MAY:

(1) LIMIT THE NUMBER OF SHARES WHICH EACH
SHAREHOLDER MAY HOLD;

(2) SET AN ENTRANCE FEE TO BE PAID AT THE
TIME OF SUBSCRIPTION FOP SHARES;