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LAWS OF MARYLAND

Ch. 33

9-310. RESERVED.

PART II. CAPITALIZATION; CAPITAL STRUCTURE.

9-311. COMPETITIVE EQUALITY.

IF THE BOARD OF COMMISSIONERS APPROVES, A SAVINGS AND
LOAN ASSOCIATION MAY RAISE CAPITAL UNDER THE SAME CONDITIONS
PERMITTED TO ANY FEDERAL ASSOCIATION BY FEDERAL LAW, SUBJECT
TO REGULATION AND REVIEW OF THE BOARD.

REVISOR'S NOTE: This section is new language derived
without substantive change from Art. 23, §
16lE(e)(3)(v).

In this section, the clause "if the Board of
Commissioners approves" is substituted for the
present reference to the Board having the power
to "authorize and empower".

The present terms "limitations, restrictions and
safeguards" are deleted as included in the term
"conditions".

The present reference to "as are now or shall
hereafter be applicable or" is deleted as
included in the term "permitted".

The present phrase "notwithstanding any other
provisions of the lavs of Maryland" is deleted..
The Commission to Revise the Annotated Code
believes this phrase leads to ambiguities in
interpreting inconsistent laws and recommends
that the phrase be deleted wherever possible.

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

9-312. SHARES.

(A) ONE CLASS.

(1)   EXCEPT AS PROVIDED IN § 9-323 OF THIS
SUBTITLE, A SAVINGS AND LOAN ASSOCIATION MAY HAVE AND ISSUE
ONLY ONE CLASS OF SHARES OR STOCK.

(2)   ALL HOLDERS OF FREE SHARE ACCOUNTS SHALL
HAVE EQUAL RIGHTS AS TO VOTING, EARNINGS, AND ASSETS OF THE
SAVINGS AND LOAN ASSOCIATION.

REVISOR'S NOTE: This subsection presently appears as CA
§ 6-212(a)(1) and (2).

In paragraph (1) of this subsection, the phrase
"may ... issue only one class of shares or stock"