2040

LAWS OF MARYLAND

[Ch. 311

(b) Compliance with stock class provisions. —(1)
If any association referred to in subsection (a) [hereof 3
OF THIS SECTION does not meet the standards and
requirements established and provided by § 161P of this
article AND §6-213 OF THE CORPORATIONS AND ASSOCIATIONS
ARTICLE, [such] THE association [may,] SHALL:

(I)      [on] ON or before January 1, 1962 [; (i)
Comply] COMPLY with [such] THESE standards and
requirements by filing appropriate articles of amendment
with the Board and with the State Department of
Assessments and Taxation; or

(II)      [if] IF [such] articles of amendment are
not so filed[,] or if [any such] THE association
otherwise fails to conform to the provisions of this
article, [such association may, on or before February 1,
1962,] file articles of amendment ON OR BEFORE FEBRUARY
1, 1962, with the Board and with the State Department of
Assessments and Taxation amending its charter by
relinquishing [such] THAT portion of its name, powers,
and purposes [as relate] WHICH RELATES to associations
existing under this article so that it [shall cease]
CEASES to exist as an association[,] and pursuant to
[such] THE articles of amendment, [shall] thereafter
[continue] CONTINUES in business as an ordinary business
corporation for the purposes and with the powers set
forth in [such article] THE ARTICLES of amendment. Any
association which [shall fail] FAILS to file articles of
amendment as hereinbefore provided shall be deemed to
have entered into a voluntary liquidation[,] and [upon],
ON and after February 1, 1962, shall cease to do business
and shall continue in existence only for the purposes and
with only the powers and duties set forth in [§§ 76—78
and 82—83 of this article] TITLE 3, SUBTITLE 4 OF THE
CORPORATIONS AND ASSOCIATIONS ARTICLE; and any director,
stockholder, or creditor of [such] THE association may
petition the Circuit Court of Baltimore City or the
circuit court for the county in which the principal
office of the association is located[,] to take
jurisdiction of the liquidation of [such] THE association
as provided in [§ 79 of this article] § 3-411 OF THE
CORPORATIONS AND ASSOCIATIONS ARTICLE.

(2) After February 1, 1962, if any association
which has failed to file articles of amendment in
accordance with subsection (b) (1) [hereof] OF THIS
SECTION [shall engage] ENGAGES in any activities other
than those specified in [such] THAT subsection, the
Attorney General may[,] and, upon notification by the
Board, shall[,] institute proceedings against [such] THE
association as provided in § [84 of this article] § 3—514