3112

LAWS OF MARYLAND

Ch. 856

The former reference to filing plans with the
Division Director now appears in § 9-630 of this
subtitle.

"Division Director", "savings and loan
association" and "statutory merger" are defined
in § 9-101 of this title.

9-628. STATUTORY MERGER.

A SAVINGS AND LOAN ASSOCIATION MAY EFFECT A STATUTORY
MERGER INTO ANY OTHER SAVINGS AND LOAN ASSOCIATION OR ANY
SAVINGS BANK IF THE PLAN OF STATUTORY MERGER:

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

(2)  IS APPROVED BY:

(I)  THE BOARD OF DIRECTORS OF BOTH THE
SUCCESSOR AND THE TRANSFEROR;

(II)  THE MEMBERS OF A TRANSFEROR
ASSOCIATION; AND

(III)  THE DIVISION DIRECTOR.

COMMITTEE COMMENT: This section replaces former CA §
6-224(b) and the references to statutory merger
in (a).

In this section, the phrase "or any savings bank"
was added in light of the authority granted in
former CA § 6-225. See § 9-627 of this subtitle
and its Committee Comment.

"Successor" has the same meaning as in CA §
l-101(u).

"CA § 1-101.

(u) Successor. --"Successor" means:

(1)    A new corporation formed by
consolidation;

(2) A corporation or other entity surviving
a merger;

(3) A corporation acquiring stock in a
share exchange; or

(4)  A vendee, lessee, or other transferee
in a transfer of assets."

9-629. PARTIAL LIQUIDATION, DISSOLUTION, OR REORGANIZATION.

A SAVINGS AND LOAN ASSOCIATION MAY REORGANIZE,
PARTIALLY LIQUIDATE, OR DISSOLVE IF:

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