782

LAWS OF MARYLAND

Ch. 260

(E) THE COMMISSIONER SHALL PUBLISH NOTICE OF THE
FILING OF THE MERGER AGREEMENT AS PROVIDED IN THE STATE
DOCUMENTS LAW. IF THE FINANCIAL CONDITION OR STABILITY
OF THE BANK TO BE MERGED INTO THE SUCCESSOR BANK IS SUCH
THAT A DELAY OF THE MERGER WILL RESULT IN AN ECONOMIC
HARDSHIP TO THE TRANSFEROR BANK, AND IF APPROVAL OF THE
MERGER AGREEMENT IS IN THE PUBLIC INTEREST, THE
COMMISSIONER, SUBJECT TO THE APPROVAL OF THE SECRETARY OF
LICENSING AND REGULATION, MAY APPROVE THE MERGER
AGREEMENT WITHOUT THE NOTICE REQUIRED BY THE STATE
DOCUMENTS LAW.

SECTION 3. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1976.

Approved May 4, 1976.

CHAPTER 261

(Senate Bill 132)

AN ACT concerning

Banks and Trust Companies — Reserve Requirements

FOR the purpose of clarifying certain reserve
requirements for banks and trust companies; and
making style changes.

BY repealing and reenacting, with amendments,

Article 11 — Banks and Trust Companies

Section 77

Annotated Code of Maryland

(1968 Replacement Volume and 1975 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Section 77 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hereby repealed and reenacted, with amendments, to read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

77.

Every bank (other than a savings tank without
capital stock) and trust company shall keep on hand at
all times a reserve of at least 15 percent of its DEMAND
deposits[, payable on demand]; which reserve may be kept
as cash on hand, or on deposit, PAYABLE ON DEMAND in such