HARRY HUGHES, Governor                                     1569

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;

(3) The bank whose stock is to be acquired 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;

(4) The bank whose stock is to be acquired:

(i) Is operated in a manner and at a location
that is not likely to attract customers from this State to the
substantial detriment of existing State banking institutions, or
national banks, or federal savings banks located in this State;
and

(ii) Can be operated in a manner likely to
attract and retain customers with whom that bank, the
out-of-state bank holding company, or such bank holding company's
banking or nonbanking subsidiaries have or have had business
relations; and

(5) The acquisition has received the prior approval
of the Commissioner.

(C) (1) SUBJECT TO THE PROVISIONS OF THIS SUBSECTION, AFTER
JULY 1, 1986, THE COMMISSIONER MAY EXEMPT ANY BANK WHOSE STOCK
HAS BEEN ACQUIRED BY AN OUT-OF-STATE BANK HOLDING COMPANY OR ITS
SUBSIDIARY, UNDER SUBSECTION (B) OF THIS SECTION, FROM THE
RESTRICTIONS SET FORTH IN SUBSECTIONS (B)(1) AND (B)(4) OF THIS
SECTION IF THE REQUIREMENTS OF SUBSECTION (B) HAVE OTHERWISE BEEN
MET AND THE BANK AND ITS OUT-OF-STATE BANK HOLDING COMPANY
EXECUTE AN AGREEMENT REQUIRING THEM TO DO THE FOLLOWING:

(I)  PRIOR TO, OR WITHIN 6 MONTHS AFTER THE DATE

OF THE GRANTING OF THE EXEMPTION, ACQUIRE OR COMMENCE

CONSTRUCTION OF A FACILITY MEETING THE REQUIREMENTS OF
SUBPARAGRAPHS (II) THROUGH (IV) OF THIS PARAGRAPH AND LOCATED
WITHIN AN ENTERPRISE ZONE DESIGNATED UNDER ARTICLE 41, § 266KK-2
OF THE CODE;

(II) WITHIN 1 1/2 YEARS AFTER THE DATE OF THE
GRANTING OF THE EXEMPTION, EMPLOY AT LEAST 500 PERSONS FULL TIME
AT THAT FACILITY WITHIN THE ENTERPRISE ZONE, BUT EXCLUDING
PERSONS EMPLOYED BY THE BANK ACQUIRED UNDER SUBSECTION (B) OF
THIS SECTION OR BY THE BANK'S OR THE OUT-OF-STATE BANK HOLDING
COMPANY'S NONBANKING SUBSIDIARIES IN THE STATE, AT THE TIME THE
EXEMPTION IS GRANTED;

(III) WITHIN 2 1/2 YEARS AFTER THE GRANTING OF
THE EXEMPTION, EMPLOY AT LEAST 1,000 PERSONS FULL TIME IN THIS
STATE, AT LEAST 750 OF WHOM SHALL BE EMPLOYED AT THE FACILITY IN
THE ENTERPRISE ZONE, INCLUDING THOSE JOBS CREATED UNDER