4556

LAWS OF MARYLAND

Ch. 826

undivided surplus; provided, however, that except as
hereinafter permitted the total amount on loan by any member
at any time shall not exceed two hundred fifty thousand
dollars. All loan limits shall be established at the
thousand dollar nearest to the amount computed on an actual
basis. All calls of funds which members are committed to
lend to such corporation shall be prorated by such
corporation among the members in the same proportion that
the maximum loan limit of each bears to the aggregate loan
limits of all members of such corporation. Notwithstanding
any other provisions of this subsection any member may lend
funds to the corporation in excess of the loan limit for
such corporation as above provided.

[The corporation shall issue a call for funds on its
members on July 1, 1971, equal to the total principal sum
then due the corporation by all its borrowers, less the
principal amount then due on loans made to the corporation
other than by members. This call shall be prorated among
members on the basis of the percentage which the maximum
loan limit of each member bears to the total of the maximum
loan limit of all members as determined on the basis of
capital and surplus of all members as of December 31, 1970.
The corporation shall simultaneously with the making of such
call select loans from its loan portfolio having a total
unpaid principal balance then due the corporation
approximating as closely as possible such call. A
participating interest in each loan so selected shall be
allocated on the books of the corporation to each member on
the basis of the percentage used to arrive at the amount
each member shall have been called upon to loan the
corporation. All indebtedness to members incurred prior to
July 1, 1971, shall be paid in full both principal and
interest, from the proceeds of the call to be issued on July
1, 1971.]

[Subsequent to July 1, 1971, from] PROM time to time,
as and when the corporation has made or is about to make
loans totaling not less than $100,000.00, members shall
become liable for a call equal to said loans, subject to the
maximum call limit restriction. Such [new] call or calls
made pursuant to this liability shall be prorated among the
members, and participating interests shall be allocated
among members, in the loans necessitating such call on the
same basis and manner as from time to time may be applicable
pursuant to the provisions of this subsection (a).

The evidences of the indebtedness of the corporation to
its members incurred pursuant to calls [made on or after
July 1, 1971, ] shall be in the form of time notes
collateralized by the allocation of participating interests,
which notes shall have a maturity date corresponding to the
maturity date of the loan most remotely coming due in which
a participating interest has been allocated pursuant to the
particular call involved.