1568

LAWS OF MARYLAND

Ch. 114

Annotated Code of Maryland

(1980 Volume and 1984 Supplement)

BY repealing

Article - Financial Institutions

Section 5-908

Annotated Code of Maryland

(1980 Volume and 1984 Supplement)

BY adding to

Article - Financial Institutions

Section 5-908

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

5-903.

(C) NOTWITHSTANDING THE PROVISIONS OF SUBSECTION (B) OF
THIS SECTION, ANY BANK WHOSE STOCK HAS BEEN ACQUIRED BY AN
OUT OF STATE BANK HOLDING COMPANY OR ITS SUBSIDIARY, UNDER THE
PROVISIONS OF SUBSECTION (B) OF THIS SECTION, BEFORE JULY 1,
1985, IS RELIEVED OF THE RESTRICTIONS OF SUBSECTION (B)(1) AND
(4) OF THIS SECTION AND SHALL HAVE ALL THE POWERS AND PRIVILEGES
AVAILABLE TO A BANKING INSTITUTION OF THIS STATE AND A NATIONAL
BANKING ASSOCIATION WHOSE PRINCIPAL OFFICE IS IN THIS STATE.

(a) Except as EXPRESSLY provided in Section 1842 of Title
12 of the United States Code, as amended, and as provided herein
OR OTHERWISE UNDER THIS ARTICLE, an out-of-state bank holding
company or its subsidiary may not acquire or hold, directly or
indirectly, any voting shares of, any interest in, or all or
substantially all of the assets of any bank located in this
State.

(b) Notwithstanding subsection (a) of this section, an
out-of-state bank holding company or its subsidiary may acquire
and hold all or substantially all of the voting shares of a
single bank located in this State if:

(1) The bank whose stock is to be acquired is a newly
established bank that has, or will have when chartered, no more
than 1 office located in this State open to the public to conduct
banking business;

(2) The bank whose stock is to be acquired has or
will have on the date banking business is commenced in this State