HARRY HUGHES, Governor

3113

(2) THE DIVISION DIRECTOR APPROVES THE PLAN OF
REORGANIZATION, PARTIAL LIQUIDATION, OR DISSOLUTION.

COMMITTEE COMMENT: This section replaces former CA §
6-226.

"Division Director" and "savings and loan
association" are defined in § 9-101 of this
article.

9-630. APPROVAL OR DISAPPROVAL OF PLAN; APPEAL.

(A)  FILING WITH DIVISION DIRECTOR.

TO CONSOLIDATE, MERGE, TRANSFER ASSETS, EFFECT A
STATUTORY MERGER, REORGANIZE, PARTIALLY LIQUIDATE, OR
DISSOLVE, A SAVINGS AND LOAN ASSOCIATION SHALL DELIVER TO
THE DIVISION DIRECTOR THE PROPOSED PLAN OF THE RESPECTIVE
ACTION.

(B)  NOTICE.

(1)  EXCEPT AS PROVIDED IN PARAGRAPH (3) OF THIS
SUBSECTION, THE DIVISION DIRECTOR SHALL PUBLISH NOTICE OF
THE FILING OF A PLAN OF CONSOLIDATION, MERGER, TRANSFER OF
ASSETS, STATUTORY MERGER, REORGANIZATION, PARTIAL
LIQUIDATION, OR DISSOLUTION.

(2)  THE NOTICE SHALL BE PUBLISHED:

(I)  IN A NEWSPAPER OF GENERAL CIRCULATION
IN THE POLITICAL SUBDIVISION IN WHICH THE PRINCIPAL OFFICE
OF EACH SAVINGS AND LOAN ASSOCIATION NAMED IN THE PLAN IS
LOCATED; AND

(II)  IN THE MARYLAND REGISTER AS PROVIDED
IN THE STATE DOCUMENTS LAW.

(3)  SUBJECT TO THE CONFIRMATION OF THE SECRETARY
OF LICENSING AND REGULATION, THE DIVISION DIRECTOR MAY
APPROVE A PLAN OF MERGER WITHOUT THE REQUIRED NOTICE IF A
DELAY OF A MERGER WOULD RESULT IN ECONOMIC HARDSHIP TO
EITHER PARTY TO A MERGER.

(C)  REVIEW OF PLAN.

THE DIVISION DIRECTOR SHALL EXAMINE ANY PLAN SUBMITTED
UNDER SUBSECTION (A) OF THIS SECTION AND SHALL DETERMINE IF:

(1)  THE SUCCESSOR ASSOCIATION SATISFIES THE
REQUIREMENTS OF SUBTITLE 2 OF THIS TITLE THAT RELATE TO
ORGANIZATION AS A SAVINGS AND LOAN ASSOCIATION;

(2)  THE PLAN IS FAIR; AND

(3)  IMPLEMENTATION OF THE PLAN WILL PROMOTE THE
PUBLIC INTEREST.