MARVIN MANDEL, Governor

795

revert or be in any way impaired by reason of the
consolidation or merger, but shall vest absolutely in the
society resulting from or remaining after such
consolidation or merger.]

SECTION 2. AND BE IT FURTHER ENACTED, That Section
40(b) 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1975 Supplement) be and it is hereby repealed and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

40.

(b) Any savings institution hereafter incorporated
or heretofore incorporated under general law or by
special act of the General Assembly of Maryland shall
have the right and authority to establish, maintain, and
operate a branch or branches in the city or county in
which it is located or at any other point within the
State, but only after having first obtained the approval
of the Bank. Commissioner, which approval may be given or
withheld in his discretion, by and with the advice and
counsel of the Banking Board of this State, and shall not
be given until he shall have ascertained to his
satisfaction:

(1)    That the public convenience and
advantage will be promoted by the opening of the branch
for which application is made;

(2)    That the savings institution has
complied with all the other terms and conditions
prescribed by this article applicable to it; and

(3)    That the savings institution has
complied with the guaranty fund provisions of [§6—106]
§6—107 of the Corporations and Associations Article.

SECTION 3. AND BE IT FURTHER ENACTED, That Sections
161A and 16lM(a) of Article 23 - Corporations, of the
Annotated Code of Maryland (1973 Replacement Volume and
1975 Supplement) be and they are hereby repealed and
reenacted, with amendments, to read as follows:

Article 23 - Corporations

161A.

It is the declared policy of the State that:

(a) The savings and loan business, otherwise known
as the building, savings and loan or homestead business,
which is within the scope of this article has so expanded
in recent years and has become so integrated with the
financial institutions of the State and is so important
as a method of promoting home ownership and thrift that