HARRY HUGHES, Governor

509

other things, a savings and loan association, no
express authority had been given by the
legislature to a savings and loan association to
merge or consolidate with anything other than
another savings and loan association.

On the advice of the Board of Commissioners that
the resulting authority has been acted on already
and that the provision is reasonable, this
revision retains the present provisions of CA §
6-225.

The present phrase in CA § 6-224(a), "{s}ubject
to the provisions of this section" is deleted as
included in the provisional "if".

As to item (1) of this section, the present
reference in CA § 6-224 (a) to Title 2 of the
Corporations and Associations Article is

corrected here to be Title 3, which deals with
Extraordinary Actions.

The present reference to statutory merger now
appears in § 9—629 of this subtitle.

The present reference to filing plans with the
Division Director now appears in § 9—631 of this
subtitle.

Present CA § 6-224(b) now appears in § 9-629 of
this subtitle.

"Division        Director", "savings and loan

association" and "statutory merger" are defined
in § 9-101 of this title.

9-629. STATUTORY MERGER.

A SAVINGS AND LOAN ASSOCIATION MAY EFFECT A STATUTORY
MERGER WITH ANY OTHER SAVINGS AND LOAN ASSOCIATION OR ANY
SAVINGS BANK IF:

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

(2)   THE BOARD OF DIRECTORS OF BOTH THE SUCCESSOR
AND THE TRANSFEROR ASSOCIATION APPROVE THE PLAN OF STATUTORY
MERGES;

(3)   THE MEMBERS OF THE TRANSFEROR ASSOCIATION
APPROVE BY THE AFFIRMATIVE VOTE OF TWO THIRDS OF ALL VOTES
ENTITLED TO BE CAST; AND

(4)   THE DIVISION DIRECTOR APPROVES THE PLAN OF
STATUTORY MERGER.

REVISOR'S NOTE: This section is new language derived