The Republican., 1962-10-04

and requirements BY filing afbr0fridte
articles Of amendment 7Vith the Board
and 5rih the State DEPARTMENT Of As
SeSSneHtS and IdrdfioH; or (u) II such
articles Of amendments are not so fled,
0r If any Sifch association 0tteraUise fails
to conform TO the provisions of this
article, such association may, on or be-
| fore FEBRUARY l. 1902 file articles
| Of amendment 5gih the Board and 5Uth
the State Department of assessments
| Tardti0H amending It's charter BY reiH-
gushing such PORTION Of its name,
P01ccrS and purposes as relate to asS0ri-
afioas eristing under this .4rticle SO that
t snail cease 10 erid as an association,
and pursuant to such articles of amend
DeHt shall thereafter continue in biSi-
ness as an ordinary business CORPORATION
for the purposes and s0ifh the to5cfrS set
forth III Snch articles of Amendment
Any association gphich shall fail to file
articles Of amendment as hereiHbef0re
fr0Vided shall be deemed to haze entered
into a voluntary liquidation, and ubou
and after FEBRUARY /, 1902, shah
cease to do business and shah continue
an existence 0uly for the PURPOSES and
5cith only the foScers aud duties set forth
IN Sections 7o-78 and 8283 of this Ar-
ticie; and any director, St0ckholder or
creditor Of such association may petition
the Circuit Court Of Baltimore City or
the circuit court for the county in 5ohich
the PRINCIPAL office Of the association is
located, TO take jurisdiction of the liquid
alton of such association as brogided im
Section 70 Of this Article.
(2) Alter FEBRUARY I, 1862, if
any association 7rhich has failed TO file
articles Of amendment in accordance g0ith
subsection (b) N hereof shall engage
iH any activities other than those sbPci-
feed in such subsection, the attorney
General may, aud nPon notification by
the Board shall, institute proceedings
against such association as fr0vided in
SECTION ~ o fins .1TfifIe
90 IF ANY ASSOCIATION DE-
SIRES TO FILE ARTICLES OF
AMESDMENT sIIB J !, MEM, As PRoVIDED BY
TiCE TO IT'S DEPoSIToRS OF OF
SUCH FACT BY REGISTERED
MAIL AND SHALL SUBMIT THERE
WITH A PLAN OF REORGANIZ-
ALTON WHICH SHALL SPECIFY
TIE CONTRACT RIGHTS WHICH
SESS IN THE RESULTING ORDI-
NARY BUSINESS CORPORATION.
WITHIN 80 DAYS FROM THE
MAILING OF SUCH NOTICE ANY
DEPOSITOR SHALL HAVE THE
RIGHT TO EXERCISE HIS PRIVI-
LEGE TO WITHDRAW HIS DE
POSIT FROM SUCH ASSOCIATION
OR TO CONTINUE AS y SHARE
HOLDER IN THE RESULTING
0DRIdDIINARY, BUSINESS CORPORA
ELECTS TO WITHDRAW HIS DE.
POSIT, AS PROVIDED FOR HERE
IN, THE ASSOCIATION SHALL
REPAY SUCH DEPOSIT IN AC-
CORDANCE WITH THE TERMS
AND CONDITIONS OF ITS CHAR
TER AND BYLAWS.
- (c) Minimum share requirements. IN
EUery association referred to in sub
section Ia hereof shall haze and main
tain a. minimum aggregate amount of
free share accounts, determined BY the
location OF the PRINCIPAL office of the as
SocidtioH, as f0lio5gs: ten thousand dollars
Sl0000O0) IN cities, tO5UnS or 1iHqGeS
hd9iHg MP TO fifteen Thousand rs, ,O0O)
iHhabitdnS; t7ceHty-f5e thousand dollars
(S25,OOOO0) IN cities, t05CTS or aiHGgeS
hd5'iHg more than fifteen thousand u.s.
0OO) bit less than one hundred thousand
(lO0,OO0) iHhGbtaHS; fifty thousand dol
lars (S50,0 .O0) in cities to7uns or ril-
iGgeS ha5iHg one hundred thousand (IO0,-
000) or more inhabitants. The number of
inhabitants of the CITY, to5at or 7,iHdqe
shall be determined by the Board III dc-
cOrdGHce 7cih the LATEST federal census
-AHy association not complying sUifh the
foregoing minimum requirements on the
efecti9e date Of this section shall com
Ply 7qithin ninety (90) days from such
efectiVe date.
(2) # any association fails to comply
7Cth the Professions of subsection (cJ N
hereof, the attorney General may. and
nPon notification by the Board shall, IT.
SttHte proceedings against such GSSOCid-
ton as fro9idcd in Section 81 of this
Article.
I6fE. BOARD or COMMISSIONERS.
Ia Established. The Board of Build
ing, Sdl'iHgs and Loan dissertation Com
DissioHerS (refevrcd to herein as the
"B0ard'D is hereby created 1uith the
fo5gerS and duties specified in this sub
title and soith such Po7gers as may be
necessary and ProPer to the full and
etectnGl execution of the purpose Of this
article reIatiUe TO associations.
(b) COMPOSITION, APbointment, Quail
fcdtioHs and Tenure. The Board of
Building, Sa1ings and Loan association
Commissioners shall consist of seven N
members soho shall be APPOINTED BY the
Governor '0ith the adVice and consent of
the Senate Each of the members shall
haze been a resident and registered gOtcr
of the State OF MARYLAND AND
ENGAGED AS AN OFFICER OR d.
RECTOR OF A BUILDING ASSOCI-
ALTON, THE PRINCIPAL PLACE
OF BUSINESS OF WHICH is LO-
GATED Ed IN IN THIS STATE, FOR At
NEXT PRECEDING HIS APPOINT
MENT. AT LEAST THREE go OF
THE MEMBERS SHALL HAVE
BEEN ACTIVELY ENGAGED AS
OFFICERS OR DIRECTORS OF A
TERED OR INCORPORATED UN-
DER THE LAWS OF THE STATE
OF MARYLAND, FREE SHARE AC-
COUNTS OF WHICH ARE NOT IN
SURED BY AN INSTRUMENTAL
GOVERNMENT. AT LEAST ONE
% OF THE MEMBERS SHALL
HAVE BEEN ACTIVELY ENGAGED
AS AN OFFICER OR DIRECTOR OF
AN ASSOCIATION, FREE SHARE
ACCOUNTS OF WHICH ARE IN
GOVERNMENT. AT LEAST THREE
90 OF THE MEMBERS SHALL BE
RESIDENTS OF BALTIMORE CITY.
AT LEAST THREE (3) OF THE
OF THE COUNTIES OF MARY
LAND. HOWEVER, THREE 90 OF
THE MEMBERS SHALL BE SELEC-
TED FROM THE PUBLIC AT
LARGE, AND THE REQUIREMENT
HAVE BEEN AN OFFICER OR d.
RECTOR OF AN ASSOCIATION
SHALL NOT APPLY. A PRACTIC-
ING ATTORNEY MAY BE A MEN,
BER OF THE BOARD UNLESS He
IS OR HAS BEEN WITHIN THE
PRECEDING HIS APPOINTMENT
REGULARLY EMPLOYED BY AN
ASSOCIATION OR A TITLE COM
PANY. THE TERM OF Office of the
members OF SAID Board ShdH De tour ~
years, commencing on the first day of
Jmue NEXT ensuing their respective dP-
PointmentS, except as hereinafter pro-
vided, and such members shall hold office
until their respective successors haze
been APPOINTED aud qualified. 44Hy "a
cdncy on the Board shall be filed by the
Governor for the mexpyed term created
thereby. Intiaily, three 81 of the mem
bers shall be APPOINTED to Serve from the
first day of Jane, 1851, through the 3fSt
day of May, 1908, and four ~ of the
members shall be APPOINTED to Ser0e from
the first day of June, 1861, through the
51st day of May, 1865. Al members
of the Board shall SerVe 7VithoHt c0mPeH-
Sation, but shall be reimbursed for HeceS-
SGry and PROPER expenses incurred 70hiIe
actually engaged IN the Performance of
their dntiesfd as members.
(c) Seal. The Board shall haze an
Official seal bearing the inscription Board
of Building, Sa0ingS aud Loan ASsoci-
alton Commissioners of the State of
Maryland"
Id Oath Each memeber of the Board
and the Director aud Deputy Director of
the Department shall take and subscribe
the oath prescribed by the Constitution,
to be administered by the clerk, or one
of the s7VorH deputies, of the circuit
of fb (ffbg