3106                                 LAWS OF MARYLAND                               Ch. 856

The term "member" is substituted for
"shareholder" as the accurate term.

In this section, the phrase "total number of
votes eligible" was substituted for "unredeemed
shares entitled" to conform to similar provisions
in this subtitle.

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

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

9-616. RESERVED.

9-617. RESERVED.

PART III. FEDERALLY-CHARTERED CONVERSION TO STATE
CHARTERED.

9-618. AUTHORITY TO CONVERT.

A FEDERAL ASSOCIATION MAY CONVERT TO A MARYLAND SAVINGS
AND LOAN ASSOCIATION IF:

(1)  ITS PRINCIPAL OFFICE IS IN THIS STATE;

(2)  ITS MEMBERS APPROVE; AND

(3)  THE BOARD OF COMMISSIONERS APPROVES.

COMMITTEE COMMENT: This section replaces the first
clause of former CA § 6-229(a) and all of CA §
6-229(b), and the reference to approval by the
Board of Commissioners in former CA § 6-229(g).

The term "Maryland" is added to the defined term
for emphasis.

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

9-619. MEMBER APPROVAL.

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

COMMITTEE COMMENT: This section replaces former CA §
6-229(a).

"Maryland" was added to the defined term "savings
and loan association" for emphasis.