510

LAWS OF MARYLAND

Ch. 33

without substantive change from CA § 6-224(b) and
the references to statutory merger in CA §§
6-224 (a) and 6-225.

In this section, the phrase "or any savings bank"
is added in light of the authority granted in
present CA § 6-225. See § 9-628 of this subtitle
and its revisor's note.

"Division Director", "savings and loan

association", "statutory merger", and "successor"
are defined in § 9—101 of this title.

As to "member", see § 9-301 of this title.

9-630. 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

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

REVISOR'S NOTE: This section is new language derived
without substantive change from CA § 6—226.

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

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

9-631. 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)

NOTICE SHALL BE PUBLISHED: