498

LAWS OF MARYLAND

Ch. 33

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

9-605. PRELIMINARY APPROVAL.

IF THE DIVISION DIRECTOR FINDS THAT THE MUTUAL
ASSOCIATION QUALIFIES UNDER § 9-604 OF THIS SUBTITLE, THE
DIVISION DIRECTOR SHALL ISSUE TO THE CONVERTING ASSOCIATION
A LETTER OF PRELIMINARY APPROVAL OF THE CONVERSION.

REVISOR'S NOTE: This section is new language derived
without substantive change from the first
sentence of CA § 6-217(d)(1), as that sentence
relates to the preliminary approval of the
Division Director.

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

9-606. MEETING OF MEMBERS.

(A)   MEETING CALLED.

ON RECEIPT OF THE DIVISION DIRECTOR'S LETTER OF
PRELIMINARY APPROVAL, THE BOARD OF DIRECTORS OF THE
CONVERTING ASSOCIATION SHALL CALL A MEETING OF THE MEMBERS
FOR THE PURPOSE OF CONSIDERING THE PLAN OF CONVERSION TO A
GUARANTY STOCK ASSOCIATION.

(B)   NOTICE.

AT LEAST 10 DAYS, BUT NOT MORE THAN 90 DAYS, BEFORE THE
MEETING, THE SAVINGS AND LOAN ASSOCIATION SHALL MAIL NOTICE
OF THE MEETING TO ALL MEMBERS ENTITLED TO VOTE.

REVISOR'S NOTE: This section is new language derived
without substantive change from the first and
second sentences of CA § 6-217(d)(2).

In this section, the word "special" (meeting) is
deleted since the conversion nay be considered at
a regular meeting.

In subsection (a) of this section, "converting"
is substituted for "mutual".

In subsection (b) of this section, the word
"written" is deleted as included in the term
"mail".

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

"Mail" is defined in § 1-101 of this article.

9-607.

MEMBER APPROVAL.