HARRY HUGHES, Governor

501

"Division Director", "guaranty stock

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

9-611. RESERVED.

9-612. RESERVED.

PART II. STATE-CHARTERED CONVERSION TO FEDERALLY CHARTERED.

9-613. AUTHORITY TO CONVERT.

A MARYLAND SAVINGS AND LOAN ASSOCIATION MAY CONVERT TO
A FEDERAL ASSOCIATION IF:

(1)       IT IS ELIGIBLE TO BECOME A MEMBER OR THE
FEDERAL HOME LOAN BANK SYSTEM;

(2)       ITS SHAREHOLDERS APPROVE;

(3)       WITHIN 6 MONTHS AFTER SHAREHOLDER APPROVAL,
THE ASSOCIATION ACTS TO CONVERT IN THE MANNER REQUIRED BY
FEDERAL LAW; AND

(4)       IT RECEIVES A FEDERAL CHARTER.

REVISOR'S NOTE: This section is new language derived
without substantive change from CA § 6—228(a) and

(c)    and from the references in CA § 6-228(b) and

(d)      to the authority to convert, shareholder
approval, action to convert, and receipt of a
federal charter.

In this section, the term "Maryland" is added to
the defined term "savings and loan association"
for emphasis in this instance of becoming a
federal association.

The present phrase in CA § 6-228(a), "as provided
in the Home Owners' Loan Act of 1933" is deleted
as unnecessary.

As to shareholder approval, see § 9-615 of this
subtitle.

"Federal association" and "savings and loan
association" are defined in § 9-101 of this
title.

9-614. MEETING OF SHAREHOLDERS.

(A) MEETING CALLED.

IF A SAVINGS AND LOAN ASSOCIATION WISHES TO CONVERT TO
A FEDERAL ASSOCIATION, THE BOARD OF DIRECTORS SHALL CALL A
MEETING OF THE SHAREHOLDERS OF THE SAVINGS AND LOAN