HARRY HUGHES, Governor

275

REVISOR'S NOTE: This section is new language derived
without substantive change from Art. 11, § 41(e).

Subsection (a) of this section is new language
added to avoid unnecessary repetition. The
provisions of these federal acts primarily appear
in the Internal Revenue Code.

In subsection (a)(1) of this section, the correct
name of the Act, as enacted by F.L. 87-792, Oct.
10, 1962, 76 Stat. 809, is used.

In subsection (c)(1)(ii) of this section, the
term "mutual savings institution" is substituted
for "mutual savings banks" to avoid the defined
term "savings bank", which limits the term to
institutions of this State. See § 4-101 of this
title.

SUBTITLE 7. EXTRAORDINARY ACTIONS.

4-701. CONSOLIDATIONS, MERGERS, AND TRANSFERS OF ASSETS.

(A)   "TRANSFER ASSETS" DEFINED.

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

(B)       GENERAL RULE.

WITH THE WRITTEN CONSENT OF THE BANK COMMISSIONER, ANY
SAVINGS BANK MAY CONSOLIDATE WITH, MERGE INTO, OR TRANSFER
ITS ASSETS TO ANY BANKING INSTITUTION IN THIS STATE, ANY
OTHER BANK IN THIS STATE, OR ANY STATE OR FEDERAL SAVINGS
AND LOAN ASSOCIATION IN THIS STATE.

(C)   APPROVAL BY SAVINGS BANK.

THE TRANSACTION SHALL BE APPROVED AT A MEETING CALLED
FOR THAT PURPOSE, BY THE AFFIRMATIVE VOTE OF:

(1)   TWO THIRDS OF THE MEMBERS OF THE SAVINGS
BANK, VOTING IN PERSON OR BY PROXY; OR

(2)   IF THERE ARE NO MEMBERS, THE BOARD OF
DIRECTORS OF THE SAVINGS BANK.

(D)   AGREEMENT.

AN AGREEMENT THAT SETS FORTH THE TERMS AND CONDITIONS
OF THE PROPOSED TRANSACTION SHALL BE:

(1) SIGNED AND ACKNOWLEDGED BY THE PRESIDENT AND
TREASURER OF EACH PARTY TO THE TRANSACTION; AND