HARRY HUGHES, Governor

1559

(II)  COMPLY WITH ALL APPLICABLE PROVISIONS OF
TITLE 3, SUBTITLE 6 OF THE CORPORATIONS AND ASSOCIATIONS ARTICLE;

(III)  FILE AN APPLICATION FOR APPROVAL WITH THE
COMMISSIONER CONTAINING INFORMATION THE COMMISSIONER MAY BY
REGULATION REQUIRE;

(IV)  SUBMIT WITH THE APPLICATION:

1.  THE DESIGNATION OF A RESIDENT OF THIS
STATE AS THE APPLICANT'S AGENT FOR THE SERVICE OF ANY PAPER,
NOTICE, OR LEGAL PROCESS ON THE APPLICANT IN CONNECTION WITH
MATTERS ARISING OUT OF THIS SUBTITLE; AND

2.  A FILING FEE OF $5,000; AND

(V)  RECEIVE APPROVAL OF THE ACQUISITION FROM
THE COMMISSIONER.

(2) THE COMMISSIONER MAY NOT GRANT APPROVAL OF AN
ACQUISITION UNDER THIS SUBSECTION UNLESS THE COMMISSIONER SHALL
FIND:

(I)  THE LAWS OF THE JURISDICTION WHERE THE
OUT-OF-STATE BANK HOLDING COMPANY HAS ITS PRINCIPAL PLACE OF
BUSINESS PERMIT MARYLAND BANK HOLDING COMPANIES TO ACQUIRE BANKS
AND BANK HOLDING COMPANIES IN THAT JURISDICTION;

(II)  THE LAWS OF THE JURISDICTION WHERE THE
OUT-OF-STATE BANK HOLDING COMPANY HAS ITS PRINCIPAL PLACE OF
BUSINESS PERMIT THE OUT-OF-STATE BANK HOLDING COMPANY TO BE
ACQUIRED BY THE MARYLAND BANK HOLDING COMPANY OR MARYLAND BANK
SOUGHT TO BE ACQUIRED;

(III)  THE OUT-OF-STATE BANK HOLDING COMPANY
SEEKS TO ACQUIRE:

1. A DE NOVO MARYLAND BANK THAT:

A.  HAS OR WILL HAVE ON THE DATE BANKING
BUSINESS IS COMMENCED IN THIS STATE A MINIMUM CAPITAL STOCK AND
PAID-IN SURPLUS OF $10,000,000 AND WILL HAVE WITHIN 1 YEAR OF THE
DATE BANKING BUSINESS IS COMMENCED IN THIS STATE, A MINIMUM
CAPITAL STOCK AND PAID-IN SURPLUS OF $25,000,000;

B.  EMPLOYS ON THE DATE ITS BANKING
BUSINESS IS COMMENCED IN THIS STATE OR WILL EMPLOY WITHIN 1 YEAR
OF THAT DATE NOT LESS THAN 100 PERSONS IN THIS STATE; AND

C.  IS SOUGHT TO BE ACQUIRED BY AN
OUT-OF-STATE BANK HOLDING COMPANY HAVING ITS PRINCIPAL PLACE OF
BUSINESS IN A JURISDICTION PERMITTING MARYLAND BANK HOLDING
COMPANIES TO ACQUIRE A NEWLY ORGANIZED BANK LOCATED IN THAT
JURISDICTION THAT HAS NOT COMMENCED ANY PART OF ITS BANKING
BUSINESS; AND