HARRY HUGHES, Governor

1553

requiring divestiture under certain circumstances; providing
applicable law and regulatory supervision; providing for
certain enforcement actions including financial penalties;
providing for inseparability of provisions; providing for
the applicability of existing provisions governing stock
acquisitions to certain institutions; providing for certain
technical amendments; providing certain exemptions for
certain out-of-state bank holding companies; requiring
certain reporting to and by the State Bank Commissioner;
providing for contingent action by the General Assembly
relating to certain provisions of this Act; and generally
relating to reciprocal interstate banking acquisitions.

BY adding to

Article - Financial Institutions

Section 5-1001 through 5-1007, inclusive, to be under the

new subtitle "Subtitle 10. Reciprocal Interstate

Banking Acquisitions"
Annotated Code of Maryland
(1980 Volume and 1984 Supplement)

BY repealing and reenacting, with amendments,

Article - Financial Institutions
Section 3-314, 12-204, and 12-207
Annotated Code of Maryland
(1980 Volume and 1984 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Financial Institutions

3-314.

(a) (1) In this section the following words have the
meanings indicated.

(2)  "Bank holding company" has the meaning stated in
the Federal Bank Holding Company Act of 1956.

(3)  "Stock acquisition" means:

(i) An acquisition of the outstanding voting
stock of a commercial bank or bank holding company in this State,
if the acquisition will affect the power to direct or to cause
the direction of the management or policy of any banking
institution or bank holding company; or

(ii) An acquisition of any voting stock of a
commercial bank, if the acquisition will give any one person
control of 25 percent or more of the voting stock of the
commercial bank.