1826                                             LAWS OF MARYLAND                       [Ch. 311

director," and "savings and loan association"
are defined in § 6—201 of this subtitle.

In subsection (a) of this section, the term
"Department of Assessments and Taxation" is
used although the word "Department" is defined
in Title 1 of this article, to avoid confusion
with the Department of Licensing and
Regulation,

6-224. CONSOLIDATION, MERGER, OR TRANSFER OF ASSETS.

(A)   GENERAL RULE.

SUBJECT TO THE PROVISIONS OF THIS SECTION, ANY
SAVINGS AND LOAN ASSOCIATION MAY CONSOLIDATE, MERGE, OR
EFFECT A STATUTORY MERGER WITH OR TRANSFER ITS ASSETS TO
ANY OTHER SAVINGS AND LOAN ASSOCIATION AS PROVIDED IN
TITLE 2 OF THIS ARTICLE, IF IT FILES WITH AND RECEIVES
THE APPROVAL OF THE DIVISION DIRECTOR FOR THE PLAN OF
CONSOLIDATION, MERGER, STATUTORY MERGER, OR TRANSFER OF
ASSETS.

(B)   STATUTORY MERGER.

WITH RESPECT TO A STATUTORY MERGER:

(1)    THE BOARD OF DIRECTORS OF BOTH THE
SUCCESSOR AND THE TRANSFEROR SHALL APPROVE THE PLAN OF
STATUTORY MERGER; AND

(2)    AT AN ANNUAL OR SPECIAL MEETING OF THE
MEMBERS OF THE TRANSFEROR, THE PROPOSED STATUTORY MERGER
SHALL BE APPROVED BY AFFIRMATIVE VOTE OF TWO-THIRDS OF
ALL THE VOTES ENTITLED TO BE CAST ON THE MATTER.

REVISOR'S NOTE: This section is new language derived
without substantive change from the first, four
sentences of Art. 23, §161U(a).

The provisions of present 161U(a) which relate
to approval of the plan by the division
director are included in §6—227 of this
subtitle.

The terms "successor" and "transfer of assets"
are defined in Title 1 of this article.

The term "statutory merger" is defined in
§6-201 (h) of this subtitle.

6-225. CONSOLIDATION, MERGER, OR STATUTORY MERGER WITH A
SAVINGS INSTITUTION.