440

LAWS OF MARYLAND

Ch. 33

THE BUSINESS AND AFFAIRS OF A SAVINGS AND LOAN
ASSOCIATION SHALL BE MANAGED UNDER THE DIRECTION OF A BOARD
OF DIRECTORS.

(B)   NUMBER.

A SAVINGS AND LOAN ASSOCIATION SHALL HAVE AT LEAST 5
AND NOT MORE THAN 15 DIRECTORS, AS ITS CHARTER OR BYLAWS
PROVIDE.

(C)   QUALIFICATIONS.

(1)   EACH DIRECTOR OF A SAVINGS AND LOAN
ASSOCIATION SHALL BE A CITIZEN OF THE UNITED STATES.

(2)   AT LEAST TWO THIRDS OF THE DIRECTORS SHALL
BE RESIDENTS OF THIS STATE.

(3)   EACH NONRESIDENT DIRECTOR SHALL BE APPROVED
BY THE BOARD OF COMMISSIONERS AS QUALIFIED TO SERVE.

REVISOR'S NOTE: This section presently appears as CA §
6-220.

In subsection (b) of this section, the phrase,
"as its charter or bylaws provide" is new
language added for clarity.

In subsection (c)(2) of this section, the present
tern "bona fide" is deleted as unnecessary.

The only other changes are in style.

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

9-303. VOTING RIGHTS.

THE CHARTER OR BYLAWS MAY RESTRICT VOTING BY MEMBERS TO
ONE VOTE FOR EACH PERSON. OTHERWISE AT EACH MEETING OF THE
MEMBERS OF A SAVINGS AND LOAN ASSOCIATION, EACH MEMBER HAS
THE FOLLOWING VOTING RIGHTS:

(1)   EACH BORROWER, OBLIGOR, AND BUYER OF
PROPERTY HAS, AS A BORROWER, OBLIGOR, OR BUYER OF PROPERTY,
ONE VOTE;

(2)   EACH SHAREHOLDER OTHER THAN A BORROWER HAS,
AS THE CHARTER OR BYLAWS PROVIDE:

(I) ONE VOTE FOR EACH OF THE MEMBER'S
FULLY PAID SHARES; OR

(II) ONE VOTE FOR EACH FREE SHARE ACCOUNT
HELD BY THE MEMBER; AND