HARRY HUGHES, Governor

459

PART III. GUARANTY STOCK.

9-323. POWER TO ISSUE GUARANTY STOCK.

IF ITS CHARTER PROVIDES, A GUARANTY STOCK ASSOCIATION
MAY ISSUE ONE CLASS OF GUARANTY STOCK IN ADDITION TO ITS
FREE SHARE ACCOUNTS.

REVISOR'S NOTE: This section is new language derived
without substantive change from CA § 6—213(a) and
the first clause of (c).

In this section, the present phrase "if the
savings and loan association qualifies under
subsection (b) and complies with subsection (c)
of this section" is deleted as unnecessary.

Also in this section, the phrase "{i}f its
charter, provides" is added for clarity.

As to incorporation as a guaranty stock
association, see Subtitle 2 of this title.

As to conversion to a guaranty stock association
by a mutual association, see Subtitle 6 of this
title.

The defined term "guaranty stock association" is
substituted for "savings and loan association".
See § 9-101 of this title.

9-324. VOTING RIGHTS.

THE ARTICLES OF INCORPORATION OF A GUARANTY STOCK
ASSOCIATION SHALL PROVIDE THAT EACH HOLDER OF A FREE SHARE
ACCOUNT MAY VOTE ON ANY HATTER ON WHICH A GUARANTY
STOCKHOLDER MAY VOTE UNDER § 9-303 OF THIS SUBTITLE.

REVISOR'S NOTE: This section is new language derived
without substantive change from CA § 6—213(c)(1).

NOTE THE GENERAL ASSEMBLY: This section has
inherent conflicts of equitable interests between
a stockholder and the holder of a free share
account.

"Guaranty stock association" is defined in §
9-101 of this title.

9-325. GENERAL PROVISIONS.

A GUARANTY STOCK ASSOCIATION:

(1) SHALL OBTAIN THE PRIOR WRITTEN APPROVAL OF
THE DIVISION DIRECTOR FOR EACH PROSPECTUS, OFFERING
CIRCULAR, OR ADVERTISEMENT OFFERING GUARANTY STOCK FOR SALE