HARRY HUGHES, Governor

243

In subsection (b)(1) of this section,     the
introductory phrase " {i}n addition to any other

required notice" is added for clarity.       The

public notice required by subsection (b) (1)      is

not a substitute for the usual notice     to

stockholders required by law or the charter     and
bylaws of the bank.

In subsection (b) (2) of this section, the present
requirement that the notice be published in at
least one newspaper in a county "if there be two
newspapers published in the county" is deleted as
irrelevant. The revision provides that, if there
is only one newspaper published in a county, the
notice must be published there. Under a literal
reading of the present law, if only one newspaper
is published in a county, publication of the
notice is not required at all.

In subsection (b)(3) of this section, the tern
"fair value" is substituted for "value" and
"objecting stockholders" is substituted for
"dissenting stockholders". See revisor's note to
§ 3-718 of this subtitle.

The only other changes are in style.

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

3-709. EFFECTIVE DATE OF TRANSACTION.

UNLESS THE AGREEMENT SPECIFIES A LATER DATE, A
CONSOLIDATION, MERGER, OR TRANSFER OF ASSETS APPROVED BY THE
BANK COMMISSIONER BECOMES EFFECTIVE ON THE FILING WITH THE
BANK COMMISSIONER OF:

(1)       THE EXECUTED AGREEMENT; AND

(2)       A COPY OF THE RESOLUTION OF THE STOCKHOLDERS
OF EACH CONSTITUENT BANK, CERTIFIED BY ITS PRESIDENT OR VICE
PRESIDENT AND BY ITS SECRETARY.

REVISOR'S NOTE: This section is new language derived
from Art. 11, § 109(5) and the first sentence of
Art. 11, § 114(a).

It has been 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.

The only other changes are in style.

3-710. CERTIFICATE OF CONSOLIDATION, MERGER, OR TRANSFER OF