Voting Rights

(a)Each stockholder shall have one

(1)vote for each share of stock held by him, and each shareholder shall have such number of votes as shall bear the same ratio to one

(1)as the par value of all shares held by him bears to the par value of one

(1)share of stock issued by such association; provided, however, that associations authorized by their articles of incorporation or by-laws to issue both shares and stock, may provide in their articles of incorporation or by-laws that a majority of the board of directors shall be elected by the stockholders; and provided further, that associations authorized to issue shares may provide in their articles of incorporation or by-laws that the holders of installment, accumulative or prepaid shares shall have lesser voting rights than holders of full paid shares, and may provide the extent thereof which may vary according to the value of such installment, accumulative or prepaid shares.

(b)Certificate holders shall have no voting rights, except such voting rights, if any, as shall be expressly provided in the by-laws. COL4122017 CH. 127 MISCELLANEOUS PROVISIONS AFFECTING INVESTORS

(c)Borrowing members shall be entitled to voting rights as provided in § 139103.