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LAWS OF MARYLAND

Ch. 33

OF ASSETS" MEANS TO SELL, LEASE, EXCHANGE, OR OTHERWISE
TRANSFER ALL OR SUBSTANTIALLY ALL OF THE PROPERTY AND ASSETS
OF A BANK.

REVISOR'S NOTE: This subsection is new language
patterned after the definition appearing in CA §
1-101 (v).

As to the expanded scope of this subtitle to
cover transfers of assets, generally, see
revisor's note to § 3-702 of this subtitle.

REVISOR'S NOTE TO SECTION: Throughout this subtitle,
specific reference to "consolidation" is added as
appropriate where "merger" presently is

referenced. These additions are based on the
definition in present Art. 11, § 109(5) of
"merger" to include a "consolidation".

Present Art. 11, § 109(3) and (4), which defines
"converting bank" and "converted bank", is
deleted. As the terms are used in the sections
relating to conversions — see §§ 3-801 and 3—802
of this title — no definitions are necessary.

Present Art. 11, § 109(7) defines "State bank" to
mean "a bank or trust company chartered by this
State..." Given the definition of "commercial
bank" in § 1—101 of this article to the same
effect, present Art. 11, § 109(7) is deleted and
the term "commercial bank" is substituted in this
subtitle for "State bank".

3-702. SCOPE OF SUBTITLE.

(A)       GENERAL RULE.

ANY BANK MAY, AS PROVIDED IN THIS SUBTITLE:

(1)   CONSOLIDATE WITH ONE OR MORE OTHER BANKS TO
FORM A NEW CONSOLIDATED BANK;

(2)   MERGE INTO ANOTHER BANK OR HAVE ONE OR MORE
OTHER BANKS MERGED INTO IT; OR

(3)   TRANSFER ITS ASSETS TO ANOTHER BANK.

(B)   SUCCESSOR COMMERCIAL BANK.

IF THE SUCCESSOR WILL BE A COMMERCIAL BANK:

(1) THE CONSOLIDATION, MERGER, OR TRANSFER OF
ASSETS SHALL BE MADE IN ACCORDANCE WITH THE PROVISIONS OF

THIS SUBTITLE; AND

(2) IF ONE OF THE CONSTITUENT BANKS IS A
NATIONAL BANKING ASSOCIATION, FEDERAL LAW GOVERNS ITS