HARRY HUGHES, Governor

461

9-326. FUTURE ISSUANCE OF GUARANTY STOCK.

(A)   IN GENERAL.

EACH ADDITIONAL ISSUANCE OF GUARANTY STOCK REQUIRES
APPROVAL BY THE DIVISION DIRECTOR UNDER SUBSECTION (C) OF
THIS SECTION.

(B)   PLAN.

A GUARANTY STOCK ASSOCIATION SHALL DELIVER TO THE
DIVISION DIRECTOR A PLAN FOR EACH FUTURE ADDITIONAL ISSUANCE
OF GUARANTY STOCK.

(C)       APPROVAL BY DIVISION DIRECTOR.

THE DIVISION DIRECTOR SHALL APPROVE EACH PLAN OF
ADDITIONAL ISSUANCE OF GUARANTY STOCK IF THE PLAN:

(1)   IS FAIR; AND

(2)   CONFORMS TO § 9-325 OF THIS SUBTITLE.

(D)   APPEAL.

ANY APPLICANT OR PROTESTING SAVINGS AND LOAN
ASSOCIATION THAT IS AGGRIEVED BY THE ACTION OR NONACTION OF
THE DIRECTOR MAY APPEAL UNDER SUBTITLE 4, TITLE 8 OF THIS
ARTICLE.

REVISOR's NOTE: This section is new language derived
without substantive change from CA § 6-217.2.

NOTE TO GENERAL ASSEMBLY: In subsection (d) of
this section, the tern "nonaction" is vague since
there is no set time within which the Division
Director must act under this section.

"Division Director", "guaranty stock", "guaranty
stock association", and "savings and loan
association" are defined in § 9—101 of this
title.

9-327. GUARANTY STOCK.

THE GUARANTY STOCK SHALL:

(1)    HAVE A PAR VALUE OF $1 A SHARE, OR ANY
GREATER AMOUNT THAT THE CHARTER PROVIDES;

(2)   BE NONASSESSABLE, NOTWITHSTANDING ANY
PROVISION IN THE CHARTER, BYLAWS, OR ON THE GUARANTY STOCK
CERTIFICATE;

(3)   BE NONWITHDRAWABLE UNTIL EACH CLAIM AGAINST
AND EACH LIABILITY OF THE GUARANTY STOCK ASSOCIATION IS