3102

LAWS OF MARYLAND

Ch. 856

In this section, the term "converting" was
substituted for "mutual".

In subsection (b) of this section, the word
"written" was deleted as included in the term
"mail".

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

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

"Mail" is defined in § 1-101 of this article.

9-607. MEMBER APPROVAL.

A PROPOSED PLAN OF CONVERSION TO A CAPITAL STOCK
ASSOCIATION AND PROPOSED CHARTER AMENDMENTS TO CONFORM TO
THE CONVERSION REQUIRE APPROVAL BY A MAJORITY VOTE OF THE
TOTAL NUMBER OF VOTES ELIGIBLE TO BE CAST BY THE MEMBERS OF
A MUTUAL ASSOCIATION.

COMMITTEE COMMENT: This section replaces the third
sentence of former CA § 6-217(d)(2).

The phrase "and proposed charter amendments to
conform to the conversion" is a new provision
added by the Committee to correct a discrepancy
in the former law which provided a majority vote
for approval of the proposed plan of conversion
and a two-thirds affirmative vote for the charter
amendments that were required to effect
conversion.

"Capital stock association" and "mutual
association" are defined in § 9-101 of this
title.

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

9-608. APPROVAL BY DIVISION DIRECTOR.

(A) FILING.

THE BOARD OF DIRECTORS OF THE CONVERTING ASSOCIATION
SHALL DELIVER TO THE DIVISION DIRECTOR:

(1)  A CERTIFIED COPY OF THE MINUTES OF THE
MEETING AT WHICH THE CONVERSION WAS APPROVED; AND

(2)  THE EXECUTED CHARTER AMENDMENTS AND A
CONFORMED COPY.

(B) APPROVAL ORDER.