HARRY HUGHES, Governor

499

A PROPOSED PLAN OF CONVERSION TO A GUARANTY STOCK
ASSOCIATION AND PROPOSED CHARTER AMENDMENTS TO CONFORM TO
THE CONVERSION SHALL BE APPROVED BY THE AFFIRMATIVE VOTE OF
A MAJORITY OF THE TOTAL NUMBER OF VOTES ELIGIBLE TO BE CAST
BY THE MEMBERS OF A MUTUAL ASSOCIATION.

REVISOR'S NOTE: This section presently appears as the
third sentence of CA § 6-217(d)(2).

In this section, the phrase "and proposed charter
amendments to conform to the conversion" is added
to correct an inconsistency in that a charter
amendment to convert to a guaranty stock
association normally would have required a two
thirds vote before this change.

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

9-608. APPROVAL BY DIVISION DIRECTOR.

(A)   FILING.

THE BOARD OF DIRECTORS OF THE CONVERTING ASSOCIATION
SHALL DELIVER TO THE DIVISION DIRECTOR:

(1)   A CERTIFIED COPY OF THE MINUTES OF THE
MEETING AT WHICH THE CONVERSION WAS APPROVED; AND

(2)   ITS EXECUTED CHARTER AMENDMENTS AND A

(B)   APPROVAL ORDER.

ON RECEIPT OF THE MINUTES AND CHARTER AMENDMENTS
REQUIRED BY SUBSECTION (A) OF THIS SECTION, THE DIVISION
DIRECTOR SHALL:

(1)   ENDORSE THE EXECUTED COPY OF THE CHARTER

AMENDMENTS AS APPROVED; AND

(2)   SEND TO THE CONVERTING ASSOCIATION:

(I)   THE ENDORSED COPY CHARTER AMENDMENTS:
AND

(II)   A FINAL ORDER OF APPROVAL OF THE
CONVERSION TO A GUARANTY STOCK ASSOCIATION.

REVISOR'S NOTE: This section is new language derived
without substantive change from CA § 6—217(e) and
the fourth sentence of (d)(2).

In subsection (a)(2) of this section, the
reference to an "executed" copy is added to
comply with the procedure for amending the