Ch. 703 LAWS OF MARYLAND

SECTION 2. AND BE IT FURTHER ENACTED, That this Act is an
emergency measure, is necessary for the immediate preservation of the public health
and safety, has been passed by a yea and nay vote supported by three-fifths of all the
members elected to each of the two Houses of the General Assembly, and shall take
effect from the date it is enacted.

Approved May 29, 1990.

CHAPTER 703
(House Bill 1511)

AN ACT concerning

Financial Institutions - Conversions and Longevity Requirements

FOR the purpose of repealing certain provisions relating to the conversion and
subsequent acquisition by an out-of-state bank holding company of a
State-chartered savings and loan association insured by the Maryland Deposit
Insurance Fund; requiring a certain report by a certain date; providing for a
mechanism for the conversion by an out-of-state bank holding company of a
federally chartered savings and loan association to a State-chartered savings and
loan association and the subsequent conversion of the State-chartered savings and
loan association to a State-chartered bank for purposes of acquisition by an
out-of-state bank holding company under certain circumstances.

BY repealing and reenacting, with amendments,
Article - Financial Institutions
Section 5-1008
Annotated Code of Maryland
(1986 Replacement Volume and 1989 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Financial Institutions

5-1008.

[(a) In this section, "Fund" means the State of Maryland Deposit Insurance
Fund Corporation.

(b)] For the purpose of satisfying the longevity requirements of §
5-1003(a)(2)(iii)2 of this subtitle, the period of existence and continuous operation of a
State-chartered savings and loan association that has converted to a Maryland bank
under §§ 9-631 through 9-640 of this article shall be included in the period of existence
and continuous operation of the resulting Maryland bank iff

(1) On on the date of the conversion, the [predecessor]

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