HARRY HUGHES, Governor

3101

Also in item (3) of this section, the phrase
(material factors) "relating to the conversion"
was deleted as unnecessary.

The former reference to the Division Director's
preliminary approval now appears in § 9-605 of
this subtitle.

"Division Director" and "capital stock
association" are defined in § 9-101 of this
title.

9-605. PRELIMINARY APPROVAL.

WITHIN 60 DAYS OF THE FILING OF AN APPLICATION, IF THE
DIVISION DIRECTOR FINDS THAT THE MUTUAL ASSOCIATION HAS MET
THE REQUIREMENTS OF § 9-604 OF THIS SUBTITLE, THE DIVISION
DIRECTOR SHALL ISSUE TO THE CONVERTING ASSOCIATION A LETTER
OF PRELIMINARY APPROVAL OF THE CONVERSION.

COMMITTEE COMMENT: This section replaces part of the
first sentence of former CA, § 6-217(d)(l), as
that sentence relates to the preliminary approval
of the Division Director.

The phrase, "Within 60 days of the filing of the
application", is added to initiate the time frame
for final approval by the Division Director and
to provide a clear event when nonaction of the
Director presents a right of appeal.

"Division Director" and "mutual association" are
defined in § 9-101 of this title.

9-606. MEETING OF MEMBERS.

(A)  MEETING CALLED.

ON RECEIPT OF THE DIVISION DIRECTOR'S LETTER OF
PRELIMINARY APPROVAL, THE BOARD OF DIRECTORS OF THE
CONVERTING ASSOCIATION SHALL CALL A MEETING OF THE MEMBERS
FOR THE PURPOSE OF CONSIDERING THE PLAN OF CONVERSION TO A
CAPITAL STOCK ASSOCIATION.

(B)  NOTICE.

AT LEAST 10 DAYS, BUT NOT MORE THAN 90 DAYS, BEFORE THE
MEETING, THE CONVERTING ASSOCIATION SHALL MAIL NOTICE OF THE
MEETING TO ALL MEMBERS ENTITLED TO VOTE.

COMMITTEE COMMENT: This section replaces the first and
second sentences of former CA § 6-217(d)(2).

Throughout    this section, the    word "special"

(meeting)      was deleted since    the subject of

conversion    may be considered    at a regular
meeting.