1296                                       LAWS OF MARYLAND                                 Ch. 254

(1976 Replacement Volume and 1977 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
be repealed, amended, or enacted to read as follows:

Article 11 — Banks and Trust Companies

23.

The Commissioner, deputy bank commissioner, or any
employee of the Commissioner's office may not become
indebted to any banking institution, credit union, or other
institution subject to the jurisdiction of the Commissioner
and may not engage or be interested in the sale of
securities or in the negotiation of loans for others to or
with any banking institution or credit union, under penalty
of forfeiture of his office or employment. THIS PROHIBITION
DOES NOT APPLY TO A LOAN MADE BY A CREDIT UNION TO A
DEPOSITOR IN THAT ONION WHICH IS LESS THAN THE BORROWER HAS
DEPOSITED IN THE CREDIT UNION.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1978.

Approved May 2, 1978.

CHAPTER 255

(Senate Bill 6 06)

AN ACT concerning

Corporations and Associations

FOR the purpose of permitting a Maryland corporation to
merge with a business trust, permitting a Maryland real
estate investment trust to merge with a corporation, a
business trust, or a real estate investment trust,
establishing the procedures and rights of shareholders
applicable to such mergers; and making related changes.

BY adding to

Article — Corporations and Associations
Section 3-101(d), 3-101(e), and 8-501.1
Annotated Code of Maryland
(1975 Volume and 1977 Supplement)

BY repealing and reenacting, with amendments,
Article — Corporations and Associations