378

LAWS OF MARYLAND

Ch. 33

THE CERTIFICATE OF MERGER AND A COPY OF THE PLAN OF
MERGER SHALL BE:

(1)   SENT TO THE BANK COMMISSIONER; AND

(2)   IF APPROVED BY THE BANK COMMISSIONER,
CERTIFIED BY THE BANK COMMISSIONER AND RETURNED TO EACH
CREDIT UNION PARTY TO THE MERGER WITHIN 30 DAYS.

(E)   EFFECT OF MERGER.

WHEN THE CERTIFICATE IS CERTIFIED AND SENT BACK TO THE
CREDIT UNIONS BY THE BANK COMMISSIONER:

(1)   ALL OF THE PROPERTY, PROPERTY RIGHTS, AND
MEMBERS' INTEREST OF THE MERGED CREDIT UNION BELONG TO THE
SURVIVING CREDIT UNION WITHOUT DEED, ENDORSEMENT, OR OTHER
INSTRUMENT OF TRANSFER;

(2)   ALL OF THE DEBTS, OBLIGATIONS, AND
LIABILITIES OF THE MERGED CREDIT UNION ARE ASSUMED BY THE
SURVIVING CREDIT UNION; AND

(3)   THE RIGHTS AND PRIVILEGES OF THE MEMBERS OF
THE MERGED CREDIT UNION REMAIN INTACT.

(F)   RECORDING OF CERTIFICATE AND PLAN.

THE SURVIVING CREDIT UNION SHALL ACT PROMPTLY TO FILE
AND RECORD THE CERTIFIED CERTIFICATE AND PLAN OF MERGER WITH
THE STATE DEPARTMENT OF ASSESSMENTS AND TAXATION.

REVISOR'S NOTE: This section presently appears as CA §
6-326.

Subsection (c) of this section is revised to
clarify that the certificate of merger applies to
and is to be executed on behalf of "each" credit
union party to the merger.

In subsection (d) (2) of this section, the phrase
"and, if approved by the Bank Commissioner" is
added for clarity.

In subsection (e) of this section, the phrase
"{w}hen the certificate is certified and sent ...
by the Bank Commissioner" is substituted for the
less precise phrase " {w}hen the certificate from
the Commissioner is returned". The latter could
be read to mean when the returned certificate is
received by the credit unions; this
interpretation could create a problem in that it
might be received by different party credit
unions at different times and, further, because
there would be no official record of such
receipt. The substituted language avoids these
problems with but minor, if any, substantive