HARRY HUGHES, Governor

3051

In subsection (c)(2) of this section, the former
term "bona fide" is deleted as unnecessary.

Subsection (d) is new language added for clarity.

"Board of Commissioners" and "savings and loan
association" are defined in § 9-101 of this
title.

9-303. VOTING RIGHTS.

EXCEPT AS OTHERWISE PROVIDED BY THE CHARTER OR BYLAWS,
EACH MEMBER OF:

(1)  A MUTUAL ASSOCIATION HAS ONE VOTE; AND

(2)  A CAPITAL STOCK ASSOCIATION HAS ONE VOTE FOR
EACH SHARE OF CAPITAL STOCK THAT THE MEMBER OWNS OF RECORD.

COMMITTEE COMMENT: This section replaces all but the
first sentence of former CA § 6-219(b).

The former reference to voting rights "at each
meeting" was deleted as unnecessary.

Note that borrowers are no longer given voting
rights. See § 9-301 of this subtitle as to
membership.

"Capital stock", "capital stock association",

"mutual association", and "savings and loan

association" are defined in § 9-101 of this
title.

9-304. NOTICE OF MEETING.

(A)  IN GENERAL.

A SAVINGS AND LOAN ASSOCIATION SHALL NOTIFY EACH MEMBER
OF THE TIME AND PLACE OF ANY MEETING OF MEMBERS AT LEAST 20
DAYS BEFORE THE MEETING.

(B)  NOTICE.

THE NOTICE SHALL BE GIVEN BY MAIL OR BY PUBLICATION IN
A NEWSPAPER OF GENERAL CIRCULATION IN THE POLITICAL
SUBDIVISION WHERE THE PRINCIPAL BUSINESS OFFICE OF THE
ASSOCIATION IS LOCATED.

COMMITTEE COMMENT: This section replaces the fifth
sentence of Art. 23, § 161S.

In subsection (a) of this section, the term
"meeting" is substituted for "annual meeting" to
broaden the application to include all meetings,
in the best interests of the members.