HARRY HUGHES, Governor

421

without substantive change from CA § 6-201(k).

The phrase "to a successor" is added for clarity.
(J) 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 BUYER, LESSEE, OR OTHER TRANSFEREE IN A
TRANSFER OF ASSETS.

REVISOR'S NOTE: This subsection is new language that
substantively duplicates CA § 1-101(u).

9-102. GENERAL PROHIBITION.

(A)       COMPLIANCE REQUIRED.

ONLY A CORPORATION THAT COMPLIES WITH THIS TITLE MAY
CONDUCT THE BUSINESS OF A SAVINGS AND LOAN ASSOCIATION OR DO
BUSINESS UNDER ANY NAME OR MAKE ANY REPRESENTATION THAT
IMPLIES THAT IT IS A SAVINGS AND LOAN ASSOCIATION.

(B)   REMEDIES; PENALTIES.

(1) ON APPLICATION OF THE DIVISION DIRECTOR,
WITH THE APPROVAL OF THE BOARD OF COMMISSIONERS, A COURT OF
COMPETENT JURISDICTION MAY ISSUE AN INJUNCTION TO RESTRAIN
ANY PERSON FROM VIOLATING THIS SECTION.

(2) ANY PERSON WHO VIOLATES SUBSECTION (A) OF
THIS SECTION IS GUILTY OF A MISDEMEANOR AND ON CONVICTION IS
SUBJECT TO A FINE NOT EXCEEDING $1000 FOR EACH OFFENSE.

REVISOR'S NOTE: This section combines without
substantive change Art. 23, §§ 161C and 161A(b)
and CA § 6-218 (b).

In subsection (a) of this section, the tern
"corporation" is substituted for "person" since
only corporations can be savings and loan
associations, and the present words "or circulate
or use any advertisement ... which indicates or
reasonably implies the operation of a savings and
loan association" are deleted as included in the
phrase "use any representation that implies a
savings and loan association".

In subsection (a) of this section, the references