HARRY HUGHES, Governor

241

See also revisor's note to § 3—702 of this
subtitle.

3-705. WHEN BANK COMMISSIONER TO ACT.

THE BANK COMMISSIONER SHALL APPROVE OR DISAPPROVE THE
AGREEMENT WITHIN 6 MONTHS AFTER THE PAPERS SPECIFIED IN §
3-703(C) OF THIS SUBTITLE HAVE BEEN FILED WITH THE BANK
COMMISSIONER.

REVISOR'S NOTE: This section presently appears as the
first sentence of Art. 11, § 112(c).

The only changes are in style.

See also revisor's note to § 3—702 of this
subtitle.

3-706. STANDARDS FOR APPROVAL BY BANK COMMISSIONER.

(A)   IN GENERAL.

THE BANK COMMISSIONER SHALL APPROVE THE AGREEMENT IF:

(1)   THE SUCCESSOR MEETS THE REQUIREMENTS OF
STATE LAW FOR THE FORMATION OF A NEW COMMERCIAL BANK; -

(2)   THE AGREEMENT PROVIDES AN ADEQUATE CAPITAL
STRUCTURE, INCLUDING SURPLUS, FOR THE SUCCESSOR IN RELATION
TO ITS DEPOSIT LIABILITIES AND OTHER ACTIVITIES;

(3)   THE AGREEMENT IS FAIR; AND

(4)   THE PROPOSED TRANSACTION IS NOT AGAINST THE
PUBLIC INTEREST.

(B)   IF SUCCESSOR NOT TO EXERCISE TRUST POWERS.

IF THE SUCCESSOR WILL NOT EXERCISE TRUST POWERS, THE
BANK COMMISSIONER MAY NOT APPROVE THE AGREEMENT UNTIL THE
BANK COMMISSIONER IS SATISFIED THAT SUCCESSOR FIDUCIARIES
HAVE BEEN PROVIDED ADEQUATELY FOR ALL FIDUCIARY POSITIONS
HELD BY THE CONSTITUENT BANKS.

REVISOR'S NOTE: This section presently appears as Art.
11, § 112(d) and the second sentence of (c).

The only changes are in style.

See also revisor's note to § 3—702 of this
subtitle.

3-707. DISAPPROVAL BY BANK COMMISSIONER.

IF THE BANK COMMISSIONER DISAPPROVES AN AGREEMENT, THE
BANK COMMISSIONER SHALL GIVE THE CONSTITUENT BANKS WRITTEN
NOTICE OF THE REASONS FOR THE DISAPPROVAL AND AN OPPORTUNITY