MARVIN MANDEL, Governor

1807

savings and loan associations are prohibited
from the use of "association" in their names.

The provisions of present §16lB(b) which
relate to the applicability of Art. 23 and
this subtitle to foreign associations are
retained in Art. 23, §161B for eventual
allocation to the Business Regulation Article.

(H) STATUTORY MERGER.

"STATUTORY MERGER" MEANS THE TRANSFER OF ALL OR
SUBSTANTIALLY ALL OF THE ASSETS OF A CORPORATION SUBJECT
TO ALL OR SUBSTANTIALLY ALL OF ITS LIABILITIES AND THE
SUBSEQUENT DISSOLUTION OF THE CORPORATION.

REVISOR'S NOTE: This subsection is new language
derived without substantive change from the
second sentence of Art. 23, §161U(a) and added
here to avoid unnecessary repetition.

The word "property" is deleted as unnecessary
in light of the word "assets," which is
defined in Title 1 of this article.

6-202. FORMATION IN GENERAL.

FIVE OR MORE ADULT INDIVIDUALS, EACH OF WHOM IS A
RESIDENT OF THE STATE AND CITIZEN OF THE UNITED STATES,
MAY ACT AS INCORPORATORS TO FORM A SAVINGS AND LOAN
ASSOCIATION UNDER THE PROVISIONS OF THIS SUBTITLE.

REVISOR'S NOTE: This section is new language derived
without substantive change from the first
sentence of Art. 23, §16lM(a)(1).

The word "adult," which is defined in Art. 1,
§24 (b) (1) of the Code, is substituted for the
phrase "at least eighteen (18) years of age."

For an explanation of the use of the tern
"savings and loan association," see the
revisor's note to §6-201(g) of this subtitle.

6-203. CHAIRMAN OF THE INCORPORATORS.

THE INCORPORATORS SHALL APPOINT ONE OF THEIR NUMBER
AS CHAIRMAN.

REVISOR'S NOTE: This section is new language derived
without substantive change from the second
sentence of Art. 23, §16lM(a)(1).

The word "chairman" is defined in §6-201 (c) of