HARRY HUGHES, Governor

537

"free—share" to conform to current terminology.

"Association", "Corporation", and "Division
Director" are defined in § 10—101 of this title.

10-107. MEMBERSHIP — EFFECTIVENESS; TERM; DUTIES.

(A)   MEMBERSHIP EFFECTIVE.

(1)   AN ASSOCIATION BECOMES A MEMBER OF THE
CORPORATION WHEN:

(I)   THE DIVISION DIRECTOR HAS CERTIFIED
THAT THE ASSOCIATION QUALIFIES UNDER § 10-106 OF THIS TITLE;
AND

(II)   THE BOARD OF DIRECTORS OF THE
CORPORATION HAS APPROVED THE APPLICATION.

(2)   THE BOARD OF DIRECTORS OF THE CORPORATION
MAY DENY THE APPLICATION OF AN ASSOCIATION ONLY FOR GOOD
CAUSE SHOWN.

(B)   TERM OF MEMBERSHIP.

SUBJECT TO THE CORPORATION'S BYLAWS, RULES, AND

REGULATIONS, MEMBERSHIP IN THE CORPORATION CONTINUES AS     LONG

AS THE CORPORATION EXISTS, BUT A MEMBER MAY WITHDRAW       FROM
THE CORPORATION BY:

(1)         GIVING WRITTEN NOTICE AT LEAST 1 YEAR IN
ADVANCE; AND

(2)        COMPLYING WITH THE BYLAWS, RULES, AND
REGULATIONS OF THE CORPORATION.

(C)         DUTIES OF MEMBERS.

EACH MEMBER SHALL MAKE THE INVESTMENTS AND PAY THE
ASSESSMENTS, PREMIUMS, AND OTHER CHARGES THAT ARE REQUIRED
FOR PARTICIPATION IN THE CORPORATION.

REVISOR'S NOTE: This section is new language derived
without substantive change from Art. 23, § 161PP.

As to subsection (a) of this section, although a
proposed association may apply for membership as
part of the overall process of organization as a
savings and loan association, only an association
that is incorporated as a savings and loan
association may be accepted into membership.

The present reference to Art. 23, § 150 is
deleted as obsolete.

See Title 9, Subtitle 4 of this article as to the
authority granted to associations of this State