3052

LAWS OF MARYLAND

Ch. 856

In subsection (a) of this section, "member" is
substituted for "free share account holder" since
membership determines voting rights.

Note that subsection (b) of this section, which
allows discretion as to notice by mail or by
publication, takes precedence over the
requirement in CA § 2-504 for written notice
because CA § 1-102 provides that, in instances of
inconsistent provisions between Maryland General
Corporation Law and a specific act, a specific
provision governs.

The former reference to notice being given in
passbooks was deleted since passbooks are used
with greater infrequency as evidence of ownership
of a savings account.

See also CA §§ 2-501, 2-502 and 2-504 as to
further requirements for notice of meetings.

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

"Member" is defined in § 9-301 of this subtitle.

9-305. QUORUM; MAJORITY RULE.

AT ANY MEETING OF THE MEMBERS OF A SAVINGS AND LOAN
ASSOCIATION:

(1)  EXCEPT AS PROVIDED IN THE CHARTER OR BYLAWS,
ANY NUMBER OF MEMBERS PRESENT IN PERSON OR BY PROXY IS A
QUORUM; AND

(2)  UNLESS OTHERWISE SPECIFICALLY PROVIDED BY
LAW, THE CHARTER, OR THE BYLAWS, A MAJORITY OF ALL VOTES
CAST AT WHICH A QUORUM IS PRESENT DETERMINES ANY QUESTION.

COMMITTEE COMMENT: This section is new language added
here for clarity and reflects present practice.

"Member" is defined in § 9-301 of this subtitle.

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

9-306. ANNUAL STATEMENTS -- FINANCIAL CONDITION;
REMUNERATION.

(A) ANNUAL STATEMENT OF FINANCIAL CONDITION.

A STATEMENT OF THE FINANCIAL CONDITION OF A SAVINGS AND
LOAN ASSOCIATION SHALL BE:

(1) PREPARED ANNUALLY; AND