4554

LAWS OF MARYLAND

Ch. 826

(c) Number of votes. -- Each stockholder shall have
one vote, in person or by proxy, for each share of capital
stock held by him; and each member shall have one vote in
person or by proxy, except that any member having a loan
limit of more than one thousand dollars shall have one
additional vote, in person or by proxy, for each additional
one thousand dollars which such member is authorized to have
outstanding on loans to the corporation at any one time as
determined by the formula for loan limits under the
provisions of [ § 420] § 9 of this subtitle. Any loans
voluntarily made by a member in excess of its loan limit
shall not increase the number of votes to which such member
shall be entitled.

[418.] 7. Charter amendments.

The charter may be amended by the votes of the
stockholders and the members of the corporation, voting
separately by classes, and such amendments shall require
approval by the affirmative vote of two thirds of the votes
to which the stockholders shall be entitled and two thirds
of the votes to which the members shall be entitled;
provided, that no amendment of this charter which is
inconsistent with the general purposes expressed herein or
which authorizes any additional class of capital stock to be
issued shall be made without amendment of this subtitle; and
provided, further, that no amendment of the charter which
increases the obligation of a member to make loans to the
corporation, or makes any changes in the principal amount,
interest, rate, maturity date, or in the security or credit
position of any outstanding loan of a member to the
corporation, or affects a member's right to withdraw from
membership as provided in [§ 419] § 8 OF THIS SUBTITLE, or
affects a member's voting rights as provided herein, shall
be made without the consent of each member affected by such
amendment. If and whenever any provision of this subtitle
[shall have been] IS amended, deleted, or added by an act of
legislature enacted into law subsequent to [June 1, 1959]
JULY 1, 1981 1982, such act (herein referred to as
"legislative amendment") shall be submitted to a meeting of
the stockholders and the members of the corporation for
their approval or disapproval in the same manner as though
it were an amendment proposed without a legislative act.
Within thirty days after any meeting at which a legislative
amendment has been voted on, a certificate signed and sworn
to by the clerk or other recording officer of the
corporation setting forth the action taken at such meeting
with respect to such amendment, shall be filed in the office
of the Secretary of State.

[419.] 8. Membership.

(a) Application by financial institutions. -- The
members of such corporation shall consist of any financial