3110

LAWS OF MARYLAND

Ch. 856

ON FINAL ORDER OF APPROVAL OF THE ARTICLES OF
INCORPORATION BY THE BOARD OF COMMISSIONERS, THE BOARD OF
DIRECTORS OF THE CONVERTING ASSOCIATION SHALL FILE FOR
RECORD WITH THE STATE DEPARTMENT OF ASSESSMENTS AND TAXATION
THE ENDORSED, EXECUTED ARTICLES OF INCORPORATION.

(B)  STATE-CHARTERED STATUS.

WHEN THE STATE DEPARTMENT OF ASSESSMENTS AND TAXATION
ACCEPTS THE ARTICLES OF INCORPORATION FOR RECORD, THE
FEDERAL ASSOCIATION BECOMES A MARYLAND SAVINGS AND LOAN
ASSOCIATION.

(C)  CERTIFICATE OF FILING FOR RECORD.

THE BOARD OF DIRECTORS     OF THE CONVERTED ASSOCIATION

SHALL SEND A COPY OF THE       CERTIFICATE ACKNOWLEDGING

ACCEPTANCE OF THE ARTICLES OF   INCORPORATION TO THE BOARD OF
COMMISSIONERS.

COMMITTEE COMMENT: This section replaces former CA §
6-230(b) and (c).

In subsection (b) of this section, the term
"accepts" is substituted for "files" as the
accurate event that signifies incorporation.

Subsection (c) of this section is new language
added as normal administrative practice and to
conform to similar provisions elsewhere in this
title.

The word "Maryland" was added to the defined term
"savings and loan association" as needed emphasis
in this subtitle.

"Board of Commissioners", "federal association",
and "savings and loan association" are defined in
§ 9-101 of this title.

9-625. RESERVED.

9-626. RESERVED.

PART IV. CONSOLIDATION; MERGER; TRANSFER OF ASSETS;
STATUTORY MERGER.

9-627. AUTHORITY TO MERGE, CONSOLIDATE OR TRANSFER ASSETS.

A SAVINGS AND LOAN ASSOCIATION MAY CONSOLIDATE WITH,
MERGE INTO, OR TRANSFER ITS ASSETS TO ANY OTHER SAVINGS AND
LOAN ASSOCIATION OR ANY SAVINGS BANK IF:

(1) IT COMPLIES WITH TITLE 3 OF THE CORPORATIONS
AND ASSOCIATIONS ARTICLE; AND

(2) THE DIVISION DIRECTOR APPROVES THE PLAN OF
CONSOLIDATION, MERGER, OR TRANSFER OF ASSETS.