HARRY HUGHES, Governor

3031

COMMITTEE COMMENT: This section replaces former CA §
6-218 and the first clause of CA § 6-201(j).

In item (2) of this section, the phrase
"combination of the words" is substituted for
"combination of them" to make clear that it is
any combination of certain words, not phrases.

Also in item (2) of this section, former CA §
6-218(2)(v), which added the phrase "building and
homestead association" was deleted as obsolete.

Former CA § 6-218(b), which prohibited the use of
certain names by any corporation that does not
comply with this title, now appears in § 9-102 of
this title.

Former CA § 6-213(c)(5), which required capital
stock corporations to add "(stock corporation)"
to their names and prohibited them from using the
word "association" was deleted as an unnecessary
distinction; no more necessary to the business of
a savings and loan association than to any other
type of corporation of this State. Additionally,
the former reference in former CA § 6-218 to
former CA § 6-213(c)(5) was then deleted as
unnecessary.

"Savings and loan association" is defined in §
9-101 of this title.

9-204. ARTICLES OF INCORPORATION AND BYLAWS.

(A) CONTENT.

(1) THE ARTICLES OF INCORPORATION OR BYLAWS OF A
SAVINGS AND LOAN ASSOCIATION MAY:

                      (I) LIMIT THE AMOUNT OF SAVINGS THAT ANY

PERSON MAY HAVE IN THE ASSOCIATION;

         (II) SPECIFY A QUORUM FOR ANNUAL OR
SPECIAL MEETINGS OF ITS MEMBERS; AND

FOR EACH MEMBER.

(III) RESTRICT VOTING RIGHTS TO ONE VOTE

(2) THE ARTICLES OF INCORPORATION OF A CAPITAL
STOCK ASSOCIATION SHALL PROVIDE FOR THE ISSUANCE OF CAPITAL
STOCK.

(B) EXECUTION OF ARTICLES.

THE INCORPORATORS SHALL SIGN AND ACKNOWLEDGE THE
ARTICLES OF INCORPORATION.