HARRY HUGHES, Governor

1565

(D) THE COMMISSIONER MAY ADOPT RULES AND REGULATIONS
NECESSARY TO CARRY OUT THE PROVISIONS OF THIS SUBTITLE.

5-1007.

(A)  IT IS THE PURPOSE OF THIS SUBTITLE TO PERMIT ORDERLY
DEVELOPMENT OF BANKING INSTITUTIONS ON A REGIONAL RECIPROCAL
BASIS FOR A PERIOD OF 4 YEARS AND THEN ON A NATIONAL RECIPROCAL
BASIS. IT IS NOT THE PURPOSE OF THIS SUBTITLE TO AUTHORIZE
INTERSTATE BANKING ON ANY BASIS OTHER THAN AS PROVIDED IN THIS
SUBTITLE.

(B)  EXCEPT AS PROVIDED IN SUBSECTION (C) OF THIS SECTION,
IF ANY OF THE PROVISIONS OF THIS SUBTITLE RELATING TO THE TERMS,
CONDITIONS, AND LIMITATIONS UNDER WHICH INTERSTATE ACQUISITIONS
OF MARYLAND BANKS, MARYLAND BANK HOLDING COMPANIES, AND
OUT-OF-STATE BANK HOLDING COMPANIES HAVING A MARYLAND BANK
SUBSIDIARY ARE PERMITTED ARE DECLARED INVALID FOR ANY REASON BY
ANY STATE OR FEDERAL COURT OF COMPETENT JURISDICTION AND IF THE
ACTION OF THE COURT WOULD SUBSTANTIALLY IMPAIR THE PURPOSE OF
THIS SUBTITLE, THEN ON THE ENTRY OF A FINAL NONAPPEALABLE ORDER
OR THE EXPIRATION OF TIME FOR APPEAL, THIS SUBTITLE SHALL BE NULL
AND VOID IN ITS ENTIRETY AND SHALL CEASE TO BE OF ANY FORCE OR
EFFECT FROM THE EFFECTIVE DATE OF THE ORDER OR THE EXPIRATION OF
THE TIME FOR APPEAL.

(C)  ANY TRANSACTION THAT HAS BEEN LAWFULLY APPROVED UNDER
THIS SUBTITLE PRIOR TO A DETERMINATION OF INVALIDITY UNDER
SUBSECTION (B) OF THIS SECTION SHALL BE UNAFFECTED BY A
DETERMINATION OF INVALIDITY.

(D) (1) THE COMMISSIONER SHALL CLOSELY MONITOR THE RESULTS
OF EACH PHASE OF REGIONAL BANKING AND REPORT TO THE GENERAL
ASSEMBLY, AS PROVIDED UNDER SECTION 2-1312 OF THE STATE
GOVERNMENT ARTICLE, AND THE DEPARTMENT OF FISCAL SERVICES ON
OCTOBER 1 OF EACH YEAR, ON THE EFFECTS OF REGIONAL RECIPROCAL
BANKING.

(2) THE REPORT SHALL INCLUDE AT A MINIMUM:

(I) INITIAL OR PROPOSED CAPITAL INVESTMENTS,
LOAN POLICIES, INVESTMENT POLICIES, DIVIDEND POLICIES, AND THE
GENERAL PLAN OF BUSINESS, INCLUDING THE AMOUNT AND COST OF
CONSUMER AND BUSINESS SERVICES WHICH ARE OFFERED BY ANY
OUT-OF-STATE BANK HOLDING COMPANY OPERATING IN MARYLAND OR ARE TO
BE OFFERED BY ANY OUT-OF-STATE BANK HOLDING COMPANY SEEKING TO
OPERATE IN MARYLAND;

(II) SPECIFIC STEPS TAKEN OR PROPOSED TO BE
TAKEN TO MEET THE CREDIT NEEDS OF INDIVIDUALS, INCLUDING LOW AND
MODERATE INCOME RESIDENTS, AND SMALL BUSINESSES IN THE COMMUNITY
TO BE SERVED;

(III) THE FINANCIAL AND MANAGERIAL RESOURCES OF
THE OUT-OF-STATE BANK HOLDING COMPANY;