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MARVIN MANDEL, Governor
781
BY adding to
Article 11 — Banks and Trust Companies
Section 112(e)
Annotated Code of Maryland
(1968 Replacement Volume and 1975 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Section 51 of Article 11 - Banks and Trust
Companies, of the Annotated Code of Maryland (1968
Replacement Volume and 1975 Supplement) be and it is
hereby repealed and reenacted, with amendments, to read
as follows:
Article 11 — Banks and Trust Companies
51.
(A) Every savings institution incorporated under
this article or heretofore incorporated with the written
consent of the Commissioner, may merge or consolidate
with any other banking institution in this State, or with
a federal or State savings and loan association in this
State, by a vote, in person or by proxy, of two thirds of
its corporate members or like governing bodies, and [in
event] IF there is no such body, by a vote of the board
of directors, such vote to be taken at a meeting duly
called for that purpose as provided by law. A copy of
the agreement setting forth the terms and conditions of
the proposed plan, executed before a public officer,
qualified to take acknowledgments, by the president and
treasurer of the associations entering into the
agreements, [must] SHALL be filed with the Commissioner.
(B) THE COMMISSIONER SHALL PUBLISH NOTICE OF THE
FILING OF THE PROPOSED AGREEMENT AS PROVIDED IN THE STATE
DOCUMENTS LAW. IF THE FINANCIAL CONDITION OR STABILITY
OF THE INSTITUTION TO BE MERGED OR CONSOLIDATED INTO THE
SUCCESSOR INSTITUTION IS SUCH THAT A DELAY OF THE MERGER
WILL RESULT IN AN ECONOMIC HARDSHIP TO THE TRANSFEROR
INSTITUTION, AND IF APPROVAL OF THE AGREEMENT IS IN THE
PUBLIC INTEREST, THE COMMISSIONER, SUBJECT TO THE
APPROVAL OF THE SECRETARY OF LICENSING AND REGULATION,
MAY APPROVE THE AGREEMENT WITHOUT THE NOTICE REQUIRED BY
THE STATE DOCUMENTS LAW.
SECTION 2. AND BE IT FURTHER ENACTED, That new
Section 112(e) be and it is hereby added to Article 11 —
Banks and Trust Companies, of the Annotated Code of
Maryland (1968 Replacement Volume and 1975 Supplement) to
read as follows:
Article 11 — Banks and Trust Companies
112.
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