1554

LAWS OF MARYLAND

Ch. 113

(b)  Except as provided in this section, a person may not
make a stock acquisition.

(c)  (1) A person who intends to make a stock acquisition
shall apply to the Bank Commissioner for approval, at least 60
days before the acquisition becomes effective.

(2)  The application shall include:

(i) A description of the proposed stock
acquisition; and

(ii) All other information that is available to
inform the Bank Commissioner of the effect of the acquisition on
the power to direct or to cause direction of the management or
policy of a banking institution or bank holding company.

(3)  If there is any doubt as to whether the stock
acquisition will affect the power to direct or cause direction of
the management or policy of a commercial bank or bank holding
company, the doubt shall be resolved in favor of reporting to the
Bank Commissioner.

(d)  The Bank Commissioner may deny approval for a stock
acquisition that the Bank Commissioner determines to be
anticompetitive or to threaten the safety or soundness of a
banking institution.

(e)  Voting stock that is acquired in violation of this
section may not be voted for 5 years.

(F) THE PROVISIONS OF THIS SECTION ARE ALSO APPLICABLE TO A
STOCK ACQUISITION OF A BANK ORGANIZED UNDER THE LAWS OF THE
UNITED STATES HAVING BANKING OFFICES LOCATED ONLY IN THIS STATE
AS AUTHORIZED BY § 5-1003 OF THIS ARTICLE.

SUBTITLE 10. RECIPROCAL INTERSTATE BANKING ACQUISITIONS

5-1001.

(A)  IN THIS SUBTITLE THE FOLLOWING WORDS HAVE THE MEANINGS
INDICATED.

(B)  "ACQUIRE" MEANS:

(1)  TO MERGE OR CONSOLIDATE ONE BANK HOLDING COMPANY
WITH ANOTHER BANK HOLDING COMPANY;

(2)  FOR A BANK HOLDING COMPANY TO ASSUME DIRECT OR
INDIRECT OWNERSHIP OR CONTROL OF VOTING SHARES OF ANOTHER BANK
HOLDING COMPANY OR A BANK IF, AFTER ASSUMPTION OF OWNERSHIP OR
CONTROL, THE FIRST BANK HOLDING COMPANY DIRECTLY OR INDIRECTLY
OWNS OR CONTROLS MORE THAN 5 PERCENT OF ANY CLASS OF VOTING
SHARES OF THE OTHER BANK HOLDING COMPANY OR THE BANK;