HARRY HUGHES, Governor

239

BYLAWS; AND

(6) ANY OTHER PROVISIONS THAT THE BANK
COMMISSIONER REQUIRES TO CARRY OUT THE BANK COMMISSIONER'S
DUTIES WITH RESPECT TO THE PROPOSED TRANSACTION.

(C) FILING WITH BANK COMMISSIONER.

AFTER THE BOARD OF DIRECTORS OF EACH CONSTITUENT BANK
HAS APPROVED THE AGREEMENT, THE FOLLOWING SHALL BE FILED
WITH THE BANK COMMISSIONER FOR APPROVAL:

(1)      THE AGREEMENT;

(2)   A CERTIFIED COPY OF THE APPROVING RESOLUTION
OF EACH BOARD OF DIRECTORS, SHOWING THE REQUIRED APPROVAL BY
THE BOARD; AND

(3)   EVIDENCE OF PROPER ACTION BY THE BOARD OF
DIRECTORS OF ANY CONSTITUENT NATIONAL BANKING ASSOCIATION.

REVISOR'S NOTE: This section presently appears as Art.
11, §§ 109(5), 111, and 112(a).

It is revised to apply not only to a
consolidation or merger but, also, to a "transfer
of assets", as defined in § 3—701 of this
subtitle. See revisor's note to § 3—702 of this
subtitle.

In subsection (a) of this section, the phrase
"full authorized membership of the board of
directors" is substituted for "entire board" for
clarity.

In subsection (b) (1) and (5) (i) of this section,
the term "address", which is defined in § 1-101
of this article, is substituted for "location".
Similarly, in subsection (b)(5)(ii) and (iii) of
this section, the phrase "residence address" is
substituted for "residence".

In subsection (b)(2) of this section, the general
phrase "terms of the proposed transaction" is
substituted for the more limited reference to
"terms for exchange of shares".

In subsection (b) (5) (iv) of this section, the
more exact term "authorized capital" is
substituted for "amount of capital".

The present statement that the approval of an
agreement applies only if the successor will be a
State bank is deleted as unnecessary in light of
§ 3—702(c) of this subtitle, which specifies that
the provisions of this subtitle do not apply if
the successor will be a national banking