240

LAWS OF MARYLAND

Ch. 33

association.

The only other changes are in style.
3-704. PUBLIC NOTICE OF FILING.

(A)   NOTICE REQUIRED.

(1)   EXCEPT AS PROVIDED IN SUBSECTION (B) OF THIS
SECTION, THE BANK COMMISSIONER SHALL PUBLISH A NOTICE OF THE
FILING OF THE AGREEMENT.

(2)   THE NOTICE SHALL BE PUBLISHED IN THE
MARYLAND REGISTER AS PROVIDED IN THE STATE DOCUMENTS LAW.

(B)   EXCEPTION.

SUBJECT TO CONFIRMATION BY THE SECRETARY OF LICENSING
AND REGULATION, THE BANK COMMISSIONER MAY APPROVE AN
AGREEMENT WITHOUT THE NOTICE REQUIRED BY THIS SECTION IF:

(1)       THE AGREEMENT AND PROPOSED TRANSACTION MEET
THE REQUIREMENTS OF § 3-706 OF THIS SUBTITLE;

(2)       THE FINANCIAL CONDITION OR STABILITY OF ONE
OF THE CONSTITUENT BANKS IS SUCH THAT A DELAY OF THE
PROPOSED TRANSACTION WILL CAUSE AN ECONOMIC HARDSHIP TO IT;
AND

(3)      APPROVAL OF THE AGREEMENT IS IN THE PUBLIC
INTEREST.

REVISOR'S NOTE: This section presently appears as Art.
11, § 112 (e).

In the introductory clause of subsection (b) of
this section, the term "confirmation" is
substituted for "approval", since the former more
accurately reflects the Secretary's action.

Subsection (b) (1) of this section is new language
added for emphasis, to clarify that the exception
is only as to the public notice, not the other
standards for the Bank Commissioner's approval.

As to subsection (b)(2) of this section, the
second sentence of present Art. 11, § 112(e)
applies only if a constituent bank other than the
successor bank is in economic difficulty. As
revised, it is made to apply if any constituent
bank is in economic difficulty.

The only other changes are in style.

As to the State Documents Law, see Art. 41, §
256B, et seq.