2814

LAWS OF MARYLAND

Ch. 753

(d)  An agreement that sets forth the terms and
conditions of the proposed transaction shall be:

(1)  Signed and acknowledged by the president and
treasurer of each party to the transaction; and

(2)  Filed with the Bank Commissioner.

(e) (1) [(i)] Except as provided in [paragraph (2) of
this] subsection (F) OF THIS SECTION, the Bank Commissioner
shall publish a notice of the filing of the agreement.

[(ii)] (2) The notice shall be published
in the Maryland Register as provided in the State Documents
Law.

[(2)] (F) Subject to confirmation by the
Secretary of Licensing and Regulation, the Bank Commissioner
may approve an agreement without the notice in the Maryland
Register if:

[(i)] (1) The financial condition or
stability of one of the parties to the proposed transaction
is such that a delay of the proposed transaction will cause
an economic hardship to it; and

[(ii)] (2) Approval of the agreement is in
the public interest.

5-403.

(a)  Except as provided in this section or otherwise
expressly provided by State law, a banking institution may
not have an affiliate.

(b)   [With the approval of. a majority of the full
authorized membership of the Bank Regulations Board] IF THE
BANK COMMISSIONER, WITH AFTER RECEIVING THE ADVICE OF THE
BANKING BOARD, APPROVES, a banking institution may have an
affiliate that offers to the public a financial, fiduciary,
or insurance service.

(c)  On application of the banking institution, [the
Bank Regulations Board may approve an affiliate] AN
AFFILIATE SHALL BE APPROVED if:

(1) The [Board] BANK COMMISSIONER determines
that the approval is:

(i) Reasonably required to protect the
welfare of the general economy of this State and of the
banking institution; and

(ii) Not detrimental to the public
interest or to the banking institution;