1570                                          LAWS OF MARYLAND                                     Ch. 114

SUBPARAGRAPH (II) OF THIS PARAGRAPH, 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;

(IV)  WITHIN 2 1/2 YEARS AFTER THE DATE OF THE
GRANTING OF THE EXEMPTION, INVEST AT LEAST $25,000,000 IN NEW FOR
THE PURCHASE, INSTALLATION, CONSTRUCTION, OR REHABILITATION OF
CAPITAL FACILITIES LOCATED WITHIN THE AN ENTERPRISE ZONE; AND

(V) UNTIL JULY 1, 1989 SUCH TIME AS NATIONAL
RECIPROCAL INTERSTATE BANKING IS AUTHORIZED UNDER STATE LAW,
AGREE NOT TO ACQUIRE OR HOLD, DIRECTLY OR INDIRECTLY, ANY VOTING
SHARES OF, ANY INTEREST IN, OR ALL OR SUBSTANTIALLY ALL OF THE
ASSETS OF ANY OTHER MARYLAND BANK OR MARYLAND BANK HOLDING
COMPANY, REGARDLESS OF THE DATE OF THE CHARTER OF THE MARYLAND
BANK OR MARYLAND BANK HOLDING COMPANY. ; AND;

(VI) NOT ESTABLISHED MORE THAN 10 OFFICES OPEN
TO THE PUBLIC TO CONDUCT BANKING BUSINESS, IN ACCORDANCE WITH
THIS ARTICLE, DURING THE 12-MONTH PERIOD FOLLOWING THE FINDING OF
THE COMMISSIONER REQUIRED UNDER SUBSECTION (C)(3) OF THIS SECTION
AND NOT MORE THAN 10 ADDITIONAL OFFICES IN THE NEXT SUCCEEDING
12-MONTH PERIOD. THEREAFTER, ANY ADDITIONAL BANKING OFFICES MAY
BE APPROVED IN ACCORDANCE WITH LAW; AND

(VII) ESTABLISH A LOCAL MARYLAND CITIZENS'
ADVISORY BOARD, THE MAJORITY OF THE MEMBERS OF WHICH SHALL BE
MARYLAND RESIDENTS.

(2) A BANK, ITS OUT-OF-STATE BANK HOLDING COMPANY, OR
ITS SUBSIDIARY THAT IS SUBJECT TO THE PROVISIONS OF THIS SECTION
MAY NOT EXERCISE ANY RIGHTS AFFORDED TO A MARYLAND BANK, A
MARYLAND BANK HOLDING COMPANY, OR AN OUT-OF-STATE BANK HOLDING
COMPANY UNDER ANY MARYLAND LAW AUTHORIZING RECIPROCAL INTERSTATE
BANKING AQUISITIONS DURING THE PERIOD OF TIME THAT ACQUISITIONS
CAN BE MADE ONLY WITHIN A DEFINED REGION OF THE UNITED STATES
ACQUISITIONS UNTIL SUCH TIME AS NATIONAL RECIPROCAL INTERSTATE
BANKING IS AUTHORIZED UNDER STATE LAW.

(3) THE EXERCISE OF THE AUTHORITY UNDER AN EXEMPTION
GRANTED UNDER THIS SUBSECTION MAY NOT COMMENCE UNTIL AFTER JULY
1, 1986 AND UNTIL THE COMMISSIONER FINDS THAT AT LEAST 250
PERSONS, NOT INCLUDING EMPLOYEES ENGAGED IN CONSTRUCTION OR
RELATED ACTIVITIES, ARE EMPLOYED FULL TIME AT THE FACILITY IN THE
ENTERPRISE ZONE OR ARE BEING TRAINED IN MARYLAND FOR EMPLOYMENT
IN THAT FACILITY PROVIDED THAT CONSTRUCTION OF THE FACILITY IS
SIGNIFICANTLY ADVANCED.

(4)(I) THE COMMISSIONER MAY, AFTER CONSULTATION WITH

THE SECRETARIES OF ECONOMIC AND COMMUNITY DEVELOPMENT AND

EMPLOYMENT AND TRAINING, WAIVE THE REQUIREMENTS RELATING TO
LOCATION IN AN ENTERPRISE ZONE.