1262

LAWS OF MARYLAND

Ch. 435

(2) UPON RECEIPT OF THE DIVISION DIRECTOR'S
LETTER OF PRELIMINARY APPROVAL, THE BOARD OF DIRECTORS SHALL
CALL A SPECIAL MEETING OF THE MEMBERS OF THE MUTUAL
ASSOCIATION FOR THE PURPOSE OF CONSIDERING THE PLAN OF
CONVERSION. WRITTEN NOTICE OF THE MEETING SHALL BE MAILED
TO ALL MEMBERS ENTITLED TO VOTE. NOT LESS THAN 10 NOR MORE
THAN 90 DAYS BEFORE THE MEETING. THE PROPOSED PLAN OF
CONVERSION SHALL BE APPROVED BY A MAJORITY VOTE OF THE TOTAL
NUMBER OF VOTES ELIGIBLE TO BE CAST ON THE MATTER. A
CERTIFIED COPY OF THE MINUTES OF THE SPECIAL MEETING,
INDICATING APPROVAL OF THE PLAN OF CONVERSION, SHALL BE
FILED PROMPTLY WITH THE DIVISION DIRECTOR.

(E)    UPON RECEIPT OF THE CERTIFIED COPY OF THE MINUTES
REQUIRED TO BE SUBMITTED UNDER SUBSECTION (D) AND A COPY OF
THE MUTUAL ASSOCIATION'S AMENDED ARTICLES OF INCORPORATION,
THE DIVISION DIRECTOR SHALL ISSUE A LETTER OF FORMAL
APPROVAL AUTHORIZING THE CONVERSION.

(F)    THE CONVERSION SHALL TAKE EFFECT UPON THE FILING
OF ONE ENDORSED COPY OF THE AMENDED ARTICLES OF
INCORPORATION AND THE DIVISION DIRECTOR'S LETTER OF FORMAL
APPROVAL WITH THE DEPARTMENT.

(G)    ANY APPLICANT WHICH IS AGGRIEVED BY THE ACTION OR
NONACTION OF THE DIVISION DIRECTOR MAY APPEAL IN ACCORDANCE
WITH ARTICLE 23, § 161H OF THE CODE.

6-217.1.

(A)          THE INCORPORATORS OF A NEW        GUARANTY        STOCK
ASSOCIATION WHICH PROPOSES TO ISSUE GUARANTY STOCK SHALL
FILE TWO SIGNED AND ACKNOWLEDGED COPIES OF ITS ARTICLES OF
INCORPORATION WITH THE BOARD OF COMMISSIONERS FOR FORMAL
REVIEW AND CONSIDERATION IN ACCORDANCE WITH §§ 6-208 THROUGH
6-210 OF THIS SUBTITLE. THE INCORPORATORS SHALL HAVE
SUBSCRIPTIONS FOR GUARANTY STOCK IN AN AGGREGATE PAR VALUE
OF NOT LESS THAN $100,000, OR SUCH GREATER AMOUNT AS THE
BOARD OF COMMISSIONERS MAY DETERMINE TO BE REQUIRED IN ORDER
TO CONDUCT A SAFE AND SOUND OPERATION OF THE PROPOSED
ASSOCIATION.

(B)          THE BOARD OF COMMISSIONERS MAY REQUIRE,         IN
ADDITION TO THE AMOUNT REQUIRED TO BE PAID IN FOR THE PAR
VALUE OF THE STOCK, PAID-IN SURPLUS UP TO BUT NOT IN EXCESS
OF THE AGGREGATE AMOUNT OF THE PAR VALUE OF THE GUARANTY
STOCK REQUIRED UNDER THE PRECEDING SUBSECTION. PAID-IN
SURPLUS MAY BE USED IN THE EVENT THE EXPENSE FUND
ESTABLISHED PURSUANT TO § 6-204 OF THE SUBTITLE IS NOT
SUFFICIENT TO PAY ORGANIZATIONAL AND OPERATING EXPENSES AND
DIVIDENDS ON FREE SHARE ACCOUNTS.

6-217.2.

(A) EACH FUTURE ADDITIONAL ISSUANCE OF GUARANTY STOCK
SHALL CONFORM TO A PLAN FILED WITH AND APPROVED BY THE
DIVISION DIRECTOR.