462

LAWS OF MARYLAND

Ch. 33

SATISFIED, AND EACH FREE SHARE ACCOUNT IS PAID TO ITS HOLDER
AT ITS WITHDRAWAL VALUE;

(4)       BE DESIGNATED "GUARANTY STOCK"
NOTWITHSTANDING ANY CHARTER OR BYLAW PROVISION; AND

(5)      BE EVIDENCED BY A CERTIFICATE THAT STATES
THAT THE SHARES ARE GUARANTY STOCK AND ARE NOT INSURED BY
THE MARYLAND SAVINGS-SHARE INSURANCE CORPORATION OR THE
FEDERAL SAVINGS AND LOAN INSURANCE CORPORATION.

REVISOR'S NOTE: This section presently appears as CA §
6-214 (b)(1), (2), (3), (4), (5) and (c).

In item (2) of this section, the present

reference to guaranty stock issued before January

1, 1980 being nonassessable after that date is

deleted as obsolete in light of the phrase
"notwithstanding any provision...".

The present prohibition against paying dividends
if dividends are not first paid on free share
accounts is deleted because it duplicates a
provision that now appears in § 9—403 of this
title.

In item (4) of this section, the present phrase
"termed and" (designated) is deleted as
unnecessary.

In item (5) of this section, the present phrase
"on its face" is deleted as unnecessary.

The only other changes are in style.

Present CA § 6-214(b)(6) now appears in § 9-325
of this subtitle.

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

9-328. CONTROL.

(A)   "CONTROLLING PERSON" DEFINED.

IN THIS SECTION "CONTROLLING PERSON" MEANS A PERSON,
ACTING DIRECTLY OR INDIRECTLY, INDIVIDUALLY OR IN CONCERT
WITH ONE OR MORE OTHER INDIVIDUALS OR LEGAL ENTITIES, OR
THROUGH ONE OR MORE SUBSIDIARIES, WHO OWNS, CONTROLS, OR
HOLDS WITH POWER TO VOTE, OR HOLDS PROXIES TO VOTE MORE THAN
10 PERCENT OF THE VOTING SHARES OF THE GUARANTY STOCK
ASSOCIATION, OR CONTROLS IN ANY WAY THE ELECTION OF A
MAJORITY OF THE DIRECTORS OF THE GUARANTY STOCK ASSOCIATION.

(B)       QUALIFICATION.

A PERSON WHO IS NOT A RESIDENT OF THE UNITED STATES MAY