HARRY HUGHES, Governor

495

SUBTITLE RELATING TO THE BOARD OF SAVINGS AND LOAN
COMMISSIONERS AND THE DIVISION OF SAVINGS AND LOAN
ASSOCIATIONS AND RELATING TO THE REGULATIONS OF SAVINGS AND
LOAN ASSOCIATIONS ARE OF NO EFFECT AND MAY NOT BE ENFORCED
AFTER JULY 1, 1982.

REVISOR'S NOTE: This section presently appears as Art.
23, § 161LL-3.

The only changes are in style.

SUBTITLE 6. CONVERSIONS; EXTRAORDINARY ACTIONS.

PART I. MUTUAL ASSOCIATION CONVERSION TO GUARANTY STOCK
ASSOCIATION.

9-601. AUTHORITY TO CONVERT.

A MUTUAL ASSOCIATION MAY CONVERT TO A GUARANTY STOCK
ASSOCIATION IF:

(1)   ITS MEMBERS APPROVE;

(2)   ITS CHARTER IS AMENDED; AND

(3)   THE DIVISION DIRECTOR APPROVES.

REVISOR'S NOTE: This section is new language derived
without substantive change from CA § 6-217(a) and
the references in CA § 6-217(d)(2) and (f) to
approval by the Division Director and the
shareholders.

As to member approval, see § 9-607 of this
subtitle.         As to approval by the Division

Director, see § 9-608 of this subtitle.

"Division Director", "guaranty stock

association", and "mutual association" are
defined in § 9-101 of this title.

9-602. APPLICATION TO CONVERT.

TO CONVERT TO A GUARANTY STOCK ASSOCIATION, A MUTUAL
ASSOCIATION SHALL DELIVER TO THE DIVISION DIRECTOR:

(1)   A FILING FEE OF $750;

(2)   AN APPLICATION FOR CONVERSION;

(3)   A CERTIFIED COPY OF THE RESOLUTION OF THE
BOARD OF DIRECTORS THAT AUTHORIZES THE CONVERSION;

(4)   THE PROPOSED CHARTER AND BYLAWS AMENDMENTS;

(5)   THE PROPOSED NOTICE OF THE MEETING TO
CONSIDER CONVERSION, AND THE TIME AND MANNER IN WHICH NOTICE