HARRY HUGHES, Governor                                          65

(a)  Any bank may, as provided in this subtitle:

(1)  Consolidate with one or more other banks to form
a new consolidated bank;

(2)  HAVE ONE OR MORE SAVINGS AND LOAN ASSOCIATIONS
CONSOLIDATED WITH IT TO FORM A NEW CONSOLIDATED BANK;

[(2)] (3) Merge into another bank or have one or more
other banks merged into it; [or]

(4) HAVE ONE OR MORE SAVINGS AND LOAN ASSOCIATIONS
MERGED INTO IT;

[(3)] (5) Transfer its assets to another bank; OR

(6) HAVE A SAVINGS AND LOAN ASSOCIATION TRANSFER
ASSETS TO IT.

(b)  If the successor will be a commercial bank:

(1)  The consolidation, merger, or transfer of assets
shall be made in accordance with the provisions of this subtitle;
[and]

(2)  If one of the constituent banks is a national
banking association, federal law governs its actions and the
rights of its stockholders; AND

(3)  IF ONE OF THE CONSTITUENT BANKS IS A SAVINGS AND
LOAN ASSOCIATION, TITLE 9 OF THIS ARTICLE GOVERNS ITS ACTIONS AND
THE RIGHTS OF ITS STOCKHOLDERS AND MEMBERS.

(c)  If the successor will be a national banking
association:

(1)  Federal law governs:

(i) The actions of a constituent commercial
bank;

(ii) The rights of its stockholders; and

(iii) The effect of the consolidation, merger,
or transfer of assets on its rights, franchises, interests, and
fiduciary duties; and

(2)  Except for this section and § 3-710 of this
subtitle, the other provisions of this subtitle do not apply to
the consolidation, merger, or transfer of assets.

3-703.

(c) After the board of directors of each constituent bank
has approved the agreement, the following shall be filed with the
Bank Commissioner for approval: