254                                        LAWS OF MARYLAND                                Ch. 177

upon first filing its proposed plan of partial liquidation, dissolution or
reorganization with the Director and securing his prior approval thereof. The
Director shall approve any plan of consolidation, merger, or sale or transfer,
liquidation, dissolution or reorganization filed with him if he finds that (1) any
resulting association meets all requirements of this article relating to the formation
of new associations; and (2) the plan is fair; and (3) the execution of the plan will
promote the public interest, convenience and advantage. The Director shall publish
the fact that a plan has been filed for at least two (2) successive weeks after filing
in a newspaper of general circulation in the city, town, or county in which the
principal office of each association named in the plan is located, and shall give
such other notice as may be desirable. Upon approval of any plan aforesaid, the
Director shall certify as approved any documents required by this article to be filed
with the State Department of Assessments and Taxation.

(B)

ANY ASSOCIATION SHALL HAVE POWER TO CONSOLIDATE OR
MERGE WITH ANY MUTUAL SAVINGS INSTITUTION, OR
ACCOMPLISH A STATUTORY MERGER BY SELLING OR
TRANSFERRING ALL OR SUBSTANTIALLY ALL OF ITS PROPERTY
AND ASSETS TO ANY MUTUAL SAVINGS INSTITUTION, SUBJECT TO
ALL OR SUBSTANTIALLY ALL OF ITS LIABILITIES AND THEN
DISSOLVING, OR BY RECEIVING AS TRANSFEREE ALL OR
SUBSTANTIALLY ALL OF THE PROPERTY AND ASSETS, SUBJECT TO
ALL OR SUBSTANTIALLY ALL OF THE LIABILITIES, OF ANY
MUTUAL SAVINGS INSTITUTION, WHICH THEN DISSOLVES, UPON
THE SAME TERMS AND CONDITIONS, AND UPON THE SAME
REQUIREMENTS OF APPROVAL BY THE DIRECTOR AND
PUBLICATION AS PROVIDED ABOVE IN THE CASE OF TWO
ASSOCIATIONS, EXCEPT THAT THE REQUIREMENTS FOR
APPROVAL BY THE DIRECTORS OR MEMBERS OF THE MUTUAL
SAVINGS INSTITUTION SHALL BE GOVERNED BY THE LAW
APPLICABLE TO SUCH INSTITUTIONS, AND EXCEPT THAT
PARTICIPATION IN THE TRANSACTION BY THE MUTUAL SAVINGS
INSTITUTION SHALL REQUIRE SUCH CONSENT OR APPROVAL BY
THE BANK COMMISSIONER OR OTHER STATE OFFICIAL OR
AGENCY AS MAY AT THE TIME BE REQUIRED BY LAW IN THE CASE
OF SUCH A TRANSACTION WITH ANOTHER MUTUAL SAVINGS
INSTITUTION.

[(b)] (C)

Any applicant or protesting association aggrieved by any action or nonaction
of the Director under this section may appeal therefrom in accordance with the
appeal provisions of § 161H relating to orders.

SECTION 3. AND BE IT FURTHER ENACTED, That this Act shall take
effect July 1, 1973.

Approved April 26, 1973.