MARVIN MANDEL, Governor

1829

IN TITLE 2, SUBTITLE 5 OF THIS ARTICLE AND ON NOTICE
WHICH STATES THE PURPOSE OF THE MEETING, THE SHAREHOLDERS
BY MAJORITY VOTE OF THE UNREDEEMED SHARES ENTITLED TO
VOTE MAY DECLARE BY RESOLUTION THEIR APPROVAL OF
CONVERSION INTO A FEDERAL SAVINGS AND LOAN ASSOCIATION.

(C)   TIME LIMIT.

WITHIN SIX MONTHS AFTER THE SHAREHOLDER APPROVAL, THE
SAVINGS AND LOAN ASSOCIATION SHALL ACT TO CONVERT AS
REQUIRED BY THE HOME OWNERS' LOAN ACT OF 1933 AND THE
RULES AND REGULATIONS OF THE FEDERAL HOME LOAN BANK
BOARD.

(D)   FILING OF FEDERAL CHARTER.

WITHIN 60 DAYS AFTER THE RECEIPT OF ITS FEDERAL
CHARTER, THE CONVERTED FEDERAL SAVINGS AND LOAN
ASSOCIATION SHALL FILE A CERTIFIED COPY OF THE FEDERAL
CHARTER WITH THE DEPARTMENT OF ASSESSMENTS AND TAXATION
AND IN THE OFFICE OF THE CLERK OF THE COURT FOR EVERY
COUNTY IN WHICH THE CONVERTING SAVINGS AND LOAN
ASSOCIATION CONDUCTED ITS BUSINESS.

REVISOR'S NOTE: This section is new language derived
without substantive change from Art. 23, §159.

The provision of present §159 which relates to
the "force and effect" of a converted federal
savings and loan association is deleted as
unconstitutional since the State cannot
dictate the effect of action under a federal
law.

The words "federal savings and loan
association" and "savings and loan
association" are defined in §6—201 of this
subtitle. The words "clerk of the court" and
"County," which includes Baltimore City, are
defined in Title 1 of this article.

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 provisions of present §159(d) are retained
in Art. 23 for eventual allocation to the
Business Regulation Article.

6-229. APPLICABILITY OF ARTICLE 23.

IN ADDITION TO THE PROVISIONS OF THIS SUBTITLE,