3032

LAWS OF MARYLAND

Ch. 856

COMMITTEE COMMENT: This section formerly appeared as CA
§ 6-207, the first sentence of CA § 6-219(b), and
CA § 6-222(a)(l) and (b).

In subsection (a)(1) of this section, the term
"articles of incorporation" is substituted for
"charter".

The provision in subsection (a)(l)(ii) of this
section, which was formerly related only to the
bylaws, is included here as permissible in both
articles and bylaws since Maryland General
Corporation Law provides that anything authorized
for the bylaws may be included in the articles.

In subsection (a)(l)(iii) of this section, the
phrase "for each member" is substituted for "per
person basis" in light of the general voting
rights under Subtitle 3 of this title which
provides that a multiple name account constitutes
a single membership.

Subsection (a)(2) of this section is new language
added for clarity and is implied from the
requirements for organization as a capital stock
association under § 9-319 of this title and under
Maryland General Corporation Law.

In subsection (b) of this section, the former
provision, which required that two copies of the
articles be signed, was deleted to provide that
there is only one executed copy. This change is
made to avoid jurisdictional problems related to
multiple copies. The Committee suggests that a
document of this nature should exist in only one
original. All copies of the executed articles
and any copies filed with other than the State
Department of Assessments and Taxation would be
conformed copies.

As to "member", see § 9-301 of this title.

See also CA §§ 2-104 and 2-105 of the Maryland
General Corporation Law for other provisions
related to Articles of Incorporation and CA §
1-102(b), which provides that the provisions of a
special act take precedence over the general
provisions of the Corporations and Associations
Article.

"Capital stock association", "capital stock", and
"savings and loan association" are defined in §
9-101 of this title.

9-205. APPLICATION TO ORGANIZE.

TO ORGANIZE AS A SAVINGS AND LOAN ASSOCIATION, THE
INCORPORATORS SHALL SUBMIT TO THE BOARD OF COMMISSIONERS: