HARRY HUGHES, Governor

511

(I)   IN A NEWSPAPER OF GENERAL CIRCULATION
IN THE POLITICAL SUBDIVISION WHERE EACH SAVINGS AND LOAN
ASSOCIATION NAMED IN THE PLAN HAS ITS PRINCIPAL BUSINESS
OFFICE; 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 MAI
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 BECAUSE OF ITS FINANCIAL CONDITION
OR STABILITY.

(C)   REVIEW OF PLAN.

THE DIVISION DIRECTOR SHALL EXAMINE ANY PLAN SUBMITTED
UNDER SUBSECTION (A) OF THIS SECTION AND 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, CONVENIENCE, AND ADVANTAGE.

(D)   APPROVAL OF PLAN.

IF THE DIVISION DIRECTOR APPROVES THE PLAN OF
CONSOLIDATION, MERGER, TRANSFER OF ASSETS, STATUTORY MERGER,
REORGANIZATION, PARTIAL LIQUIDATION, OR DISSOLUTION, THE
DIVISION DIRECTOR SHALL CERTIFY EACH DOCUMENT THAT THE STATE
DEPARTMENT OF ASSESSMENTS AND TAXATION REQUIRES.

(E)   APPEAL.

ANY APPLICANT OR PROTESTING SAVINGS AND LOAN
ASSOCIATION AGGRIEVED BY THE ACTION OR NONACTION OF THE
DIVISION DIRECTOR MAY APPEAL IN ACCORDANCE WITH TITLE 8,
SUBTITLE 4 OF THIS ARTICLE.

REVISOR'S NOTE: This section is new language derived
without substantive change from the references to
filing of plans in CA §§ 6-224 and 6-226 and from
CA § 6-227.

Subsection (b)(2)(i) of this section is new
language added to conform to the legislative
intent expressed in former Art. 23, § 161U.

In subsection (b)(3) of this section, the phrase
"either party to a merger" is substituted for the
present provision in CA § 6—227(a)(2) that
applies only to the transferor, on the advice of