HARRY HUGHES, Governor

425

In subsection (a) of this section, the term
"articles of incorporation" is substituted for
"charter" in this context of initial

incorporation. See also the definition of
"charter" in § 1-101 of this article.

Subsection (a)(1)(iii) of this section is
included as permissible in both articles and
bylaws since Maryland General Corporation Law
provides that anything authorized for the bylaws
may be included in the articles.

Subsection (a)(2) of this section is new language
added for clarity and is implied from the
requirements for organization as a guaranty stock
association under § 9—323 of this title.

The balance of CA § 6-222 now appears in §§ 9-314
and 9-315 of this title.

The only other changes are in style.

As to "member", see § 9-301 of this title.
"Guaranty stock", "guaranty stock association",
and "savings and loan association" are defined in
§ 9-101 of this title.

9-205. APPLICATION TO ORGANIZE.

TO ORGANIZE AS A SAVINGS AND LOAN ASSOCIATION, THE
INCORPORATORS SHALL:

(1)      COMPLY WITH § 9-214 OF THIS SUBTITLE; AND

(2)   SUBMIT TO THE BOARD OF COMMISSIONERS:

(I)   A WRITTEN APPLICATION ON THE FORM THAT
THE BOARD REQUIRES;

(II)   THE TWO EXECUTED COPIES OF THE
ARTICLES OF INCORPORATION AND A CONFORMED COPY;

(III)   THE PROPOSED BYLAWS;

(IV)   ANY OTHER EXHIBITS THE BOARD
REQUIRES; AND

(V)   A FILING FEE OF $750.

REVISOR'S NOTE: This section is new language derived
without substantive change from CA § 6-208(a).

The phrase "{t}o organize as a savings and loan
association" is added for clarity.

Item (1) of this section is new language implied