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Session Laws, 1985
Volume 760, Page 1571   View pdf image
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HARRY HUGHES, Governor

1571

(II) ANY WAIVER OF THE REQUIREMENT THAT 750
JOBS BE CREATED UNDER SUBSECTION (C)(2) OF THIS SECTION SHALL BE
EXCLUSIVE OF EMPLOYMENT AT BRANCH LOCATIONS.

(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.

(II) ANY WAIVER OF THE ENTERPRISE ZONE
REQUIREMENT SHALL BE CONDITIONED ON THE EMPLOYMENT OF 750 PERSONS
AT THE FACILITY.

(5) (I) NOTHING IN THIS SUBTITLE MAY BE CONSTRUED TO
ENLARGE ANY EXISTING AUTHORITY UNDER STATE OR FEDERAL LAW WITH
RESPECT TO ALLOWING ANY PERSON REGULATED UNDER THIS ARTICLE TO
ENGAGE IN THIS STATE IN THE INSURANCE BUSINESS, AS DEFINED IN
ARTICLE 48A OF THE CODE.

(II) THE PROVISIONS OF SUBPARAGRAPH (I) OF THIS
PARAGRAPH DO NOT APPLY TO ANY PROPERTY, CASUALTY, OR OTHER
CREDIT-RELATED LIFE, CREDIT-RELATED ACCIDENT, AND CREDIT-RELATED
HEALTH INSURANCE DIRECTLY RELATED TO BANKING ACTIVITIES ENGAGED
IN BY A PERSON REGULATED UNDER THIS ARTICLE.

§ 5-904.

(a) Any out-of-state bank holding company or its subsidiary
proposing an acquisition under Section 5-903(B) OR SEEKING AN
EXEMPTION UNDER § 5-903(C) of this subtitle shall file an
application with the Commissioner for approval [to make the
acquisition]. The application shall contain any information the
Commissioner may by regulation require and shall specifically
acknowledge the applicant's agreement to be bound by the
conditions of Section 5-903 of this subtitle. In addition, the
application shall designate 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. The application shall be accompanied by a
filing fee of $5,000. AN APPLICATION FOR EXEMPTION UNDER SECTION
5-903(C) MAY NOT BE FILED UNTIL AT LEAST 6 MONTHS AFTER THE
GRANTING OF A CERTIFICATE OF AUTHORITY TO DO BUSINESS AS A BANK
UNDER SECTION 5-903(B) BY THE COMMISSIONER OR ITS EQUIVALENT BY
THE COMPTROLLER OF THE CURRENCY.

(b) In deciding whether to approve an acquisition by an
out-of-state bank holding company or its subsidiary of any voting
stock of a bank located in this State OR TO GRANT AN EXEMPTION
UNDER § 5-903(C) OF THIS SUBTITLE, the Commissioner shall
consider:

(1) The financial and managerial resources of the
out-of-state bank holding company or its subsidiary;

(2) The future prospects of the bank whose assets or

shares will be acquired;

 

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Session Laws, 1985
Volume 760, Page 1571   View pdf image
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