HARRY HUGHES, Governor

439

The following sections of this subtitle, however,
are also regulatory in whole or in part and are
not included in the "Sunset" provisions: §§
9-205, 9-206, 9-207, 9-208, 9-209, 9-210, 9-212,
9-213, 9-214, 9-215, 9-216, 9-217, 9-220, 9-221,
and 9-222.

GENERAL REVISOR'S NOTE:

Throughout this subtitle, there remain problems of
terminology, i.e., free share account, share, stock,
shareholder, as the terms are applied to both a mutual
association and a guaranty stock association, as well as
conceptual problems with corporate structure. The solution
of these problems requires legislative change more extensive
than is possible within the scope of authority granted to
the Commission to Revise the Annotated Code.

SUBTITLE 3. ORGANIZATION AND CAPITALIZATION.

PART I. ORGANIZATION.

9-301. MEMBER.

EACH OF THE FOLLOWING IS A MEMBER OF A SAVINGS AND LOAN
ASSOCIATION:

(1)       A BORROWER FROM THE ASSOCIATION;

(2)       AN OBLIGOR ON A LOAN MADE OR HELD BY THE
ASSOCIATION;

(3)       A BUYER OF PROPERTY THAT SECURES ANY LOAN
MADE BY THE ASSOCIATION;

(4)       A HOLDER OF A FREE SHARE ACCOUNT IN AN
ASSOCIATION; AND

(5)       AN OWNER, AS SHOWN ON THE ASSOCIATION'S
RECORDS, OF A SHARE OF GUARANTY STOCK.

REVISOR'S NOTE: This section presently appears as CA §
6-219{a).

In item (4) of this section, the phrase "a holder
of a free share account" is added to distinguish
that shareholder from an owner of guaranty stock
in item (5) of this section.

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

9-302. DIRECTORS.

(A) MANAGEMENT OF ASSOCIATION.