HARRY HUGHES, Governor

4555

institutions as may make application for membership to the
board of directors, on such form and in such manner as said
board of directors may require; and membership shall become
effective upon acceptance of such application by said board
of directors.

(b)  Withdrawal from membership. -- Membership in the
corporation shall be for the duration of the corporation
provided that:

1.  Upon written notice given to the corporation
a member may withdraw from membership in the corporation at
the expiration of 60 days after receipt of notice by the
corporation.

2.  If there shall be a legislative amendment of
this charter which shall not have been approved by the
members and stockholders as provided for in [ § 418] § 7 OF
THIS SUBTITLE within sixty days after the effective date of
such amendment, any member voting against the approval of
such amendment may withdraw from membership forthwith upon
giving written notice to the corporation not later than
ninety days from the effective date of such amendment.

Subsequent to the expiration date of any notice of
withdrawal, a withdrawing member shall not be obligated to
make any loans to the corporation pursuant to calls made
after such expiration date, except for loans accrued or
committed by the corporation prior to such expiration date.
A withdrawing member shall receive repayment of existing
indebtedness due by the corporation to that member at the
expiration date of its notice of withdrawal in the same
manner provided in [ § 420 of this article] § 9 OF THIS
SUBTITLE for the normal repayment of all indebtedness to
members.

(c)  "Financial institution" defined. -- For the
purposes of this subtitle, the term "financial institution"
shall mean any national banking association and
State-chartered commercial banks, trust companies and
savings banks.

[420.] 9. Loans to corporation.

(a) Calls on members; limits. -- Each member shall lend
funds to such corporation as and when called upon to do so,
but except as hereinafter permitted the total amount on loan
by any member at any one time shall not exceed the following
limit to be determined as of the time it became a member,
and such amount shall thereafter be readjusted annually as
of December 31 each year in the event of any change in the
base of the loan limit of such member: national banking
associations, State-chartered commercial banks and trust
companies, two percent of capital and surplus; savings
banks, two percent of the [guarantee] GUARANTY fund and