HARRY HUGHES, Governor

3105

for emphasis in this instance of becoming a
federal association.

In item (2) of this section, the more accurate
term "members" is substituted for the term
"shareholder". Membership determines voting
rights.

The former phrase in CA § 6-228(a), "as provided
in the Home Owners' Loan Act of 1933" was deleted
as unnecessary.

See § 9-615 as to member approval.

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

"Member" is defined in § 9-101 of this title.

9-614. MEETING OF MEMBERS.

(A)  MEETING CALLED.

IF A SAVINGS AND LOAN ASSOCIATION WISHES TO CONVERT TO
A FEDERAL ASSOCIATION, THE BOARD OF DIRECTORS SHALL CALL A
MEETING OF THE MEMBERS OF THE SAVINGS AND LOAN ASSOCIATION
FOR THE PURPOSE OF CONSIDERING THE PROPOSAL TO CONVERT.

(B)  NOTICE.

THE SAVINGS AND LOAN ASSOCIATION SHALL GIVE NOTICE OF
THE MEETING AS PROVIDED IN TITLE 2, SUBTITLE 5 OF THE
CORPORATIONS AND ASSOCIATIONS ARTICLE.

COMMITTEE COMMENT: This section replaces former CA §
6-228(b).

The term "member" is substituted for
"shareholder" as the accurate term that relates
to voting rights.

"Federal association" and "savings and loan
association" are defined in § 9-101 of this
article.

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

9-615. MEMBER APPROVAL.

A PROPOSAL TO CONVERT TO A FEDERAL ASSOCIATION REQUIRES
APPROVAL BY A MAJORITY VOTE OF THE TOTAL NUMBER OF VOTES
ELIGIBLE TO BE CAST BY THE MEMBERS OF THE SAVINGS AND LOAN
ASSOCIATION.

COMMITTEE COMMENT: This section replaces the former
reference to a majority vote required for
shareholder approval in CA § 6-228(b).