1072                                          LAWS OF MARYLAND                                      Ch. 282

(III) THE APPOINTMENT OR ELECTION OF AUDITORS
AND THEIR COMPENSATION; AND

(IV) THE APPOINTMENT OF APPRAISERS AND THEIR
COMPENSATION;

(4)  (I) THE OFFICERS;

(II)  THE MANNER OF ELECTION OF THE OFFICERS;

(III)  THE TERMS OF OFFICE, DUTIES, AND
COMPENSATION OF THE OFFICERS; AND

(IV)  THE BONDS REQUIRED OF OFFICERS;

(5)  (I) THE CLASSES OF SHARES THAT MAY BE ISSUED;

(II)  THE ISSUANCE OF SHARES, WHETHER ISSUED IN
SERIES OR OTHERWISE;

(III)  THE TIMES WHEN SHARES MAY BE ISSUED; AND

(IV)  THE MATURED VALUE OF SHARES;

(6)  THE MANNER IN WHICH EVIDENCE OF SHARE OWNERSHIP
SHALL BE ISSUED TO MEMBERS;

(7)  THE TIME AND MANNER OF APPORTIONING, CREDITING,
AND PAYING DIVIDENDS;

(8)  THE CONDITIONS UPON WHICH SHARES MAY BE
TRANSFERRED, MATURED, WITHDRAWN, RETIRED, OR SUSPENDED AND
FORFEITED; AND

(9)  THE MANNER AND CONDITIONS UNDER WHICH THE BYLAWS
MAY BE ALTERED OR AMENDED.

(C) MODEL ARTICLES OF INCORPORATION.

(1) BY JANUARY 1, 1987, THE DIVISION DIRECTOR SHALL
ADOPT MODEL ARTICLES OF INCORPORATION AND BYLAWS OF SAVINGS AND
LOAN ASSOCIATIONS THAT ARE NOT INCONSISTENT WITH THE PROVISIONS
OF SUBSECTIONS (A) AND (B) OF THIS SECTION.

(2) AN ASSOCIATION MAY MODIFY OR ALTER ITS ARTICLES
OF INCORPORATION OR BYLAWS TO BE CONSISTENT WITH THE MODEL.

9-205. Application to organize.

To organize as a savings and loan association, the
incorporators shall submit to the [Board of Commissioners]
DIVISION DIRECTOR:

(1) A written application on the form that the
[Board] DIVISION DIRECTOR requires;