64                                                 LAWS OF MARYLAND                                     Ch. 3

hardships and to protecting the savings account holders in
MDIF-insured savings and loan associations, while recognizing
both the depositors' and other taxpayers' important interests;
and

WHEREAS, This Act is part of the overall plan to resolve the
savings and loan crisis, expedite depositor access to funds at
MDIF-insured savings and loan associations subject to withdrawal
prohibitions and restrictions, reduce the overall liability of
the State, and increase funds available for the aid of
MDIF-insured savings and loan associations; now, therefore,

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Financial Institutions

3-701.

(a)  In this subtitle the following words have the meanings
indicated.

(b)  "Bank" means a commercial bank or a national banking
association.

(c)  "Constituent bank":

(1)   [means] MEANS a party, to a consolidation, merger,
or transfer of assets; AND

(2)  INCLUDES A SAVINGS AND LOAN ASSOCIATION.

(D) "SAVINGS AND LOAN ASSOCIATION" MEANS A SAVINGS AND LOAN
ASSOCIATION ORGANIZED UNDER TITLE 9 OF THIS ARTICLE THAT:

(1)  WAS INSURED BY THE STATE OF MARYLAND DEPOSIT
INSURANCE FUND CORPORATION ON OCTOBER 1, 1985 AND ITS SUCCESSOR;
OR

(2)  AT THE DATE OF THE CONSOLIDATION, MERGER, OR
TRANSFER OF ASSETS HAS NET WORTH CERTIFICATES OUTSTANDING AND
PAYABLE TO THE STATE OF MARYLAND.

[(d)] (E) "Successor" means the bank that carries on the
business of the constituent banks after a consolidation, merger,
or transfer of assets.

[(e)] (F) "Transfer assets", "transfer its assets", or
"transfer of assets" means to sell, lease, exchange, or otherwise
transfer all or substantially all of the property and assets of a
CONSTITUENT bank.

3-702.