MARVIN MANDEL, Governor

1827

ANY SAVINGS AND LOAN ASSOCIATION MAY CONSOLIDATE,
MERGE, OR AS EITHER TRANSFEROR OR SUCCESSOR, EFFECT A
STATUTORY MERGER WITH ANY SAVINGS INSTITUTION AS PROVIDED
IN §6-224 OF THIS SUBTITLE, WITH RESPECT TO THE SAVINGS
AND LOAN ASSOCIATION, AND IN ARTICLE 11, §51, WITH
RESPECT TO THE SAVINGS INSTITUTION.

REVISOR'S NOTE: This section is new language derived
without substantive change from Art. 23,
§161U(b).

The terms "savings and loan association" and
"statutory merger" are defined in §6—201 of
this subtitle.

The term "successor" is defined in Title 1 of
this article,

6-226. PARTIAL LIQUIDATION, DISSOLUTION, OR
REORGANIZATION.

ANY SAVINGS AND LOAN ASSOCIATION MAY PARTIALLY
LIQUIDATE, DISSOLVE, OR REORGANIZE AS PROVIDED IN TITLE 2
OF THIS ARTICLE, IF IT FILES WITH AND RECEIVES THE
APPROVAL OF THE DIVISION DIRECTOR FOR THE PLAN OF PARTIAL
LIQUIDATION, DISSOLUTION, OR REORGANIZATION.

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

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

6-227. APPROVAL OF PLAN BY DIVISION DIRECTOR; APPEAL.

(A) APPROVAL BY DIVISION DIRECTOR.

(1) THE DIVISION DIRECTOR SHALL APPROVE ANY
PLAN OF CONSOLIDATION, MERGER, STATUTORY MERGER, TRANSFER
OF ASSETS, PARTIAL LIQUIDATION, DISSOLUTION, OR
REORGANIZATION IF HE FINDS THAT:

(I)     THE SUCCESSOR SAVINGS AND LOAN
ASSOCIATION SATISFIES EVERY REQUIREMENT OF THIS SUBTITLE
RELATING TO FORMATION OF A NEW SAVINGS AND LOAN
ASSOCIATION;

(II)   THE PLAN IS FAIR; AND

(III)   IMPLEMENTATION OF THE PLAN WILL PROMOTE
PUBLIC INTEREST, CONVENIENCE, AND ADVANTAGE.