HARRY HUGHES, Governor

67

(II) IF THE SUCCESSOR IS A BANK AND ANOTHER
CONSTITUENT BANK IS A SAVINGS AND LOAN ASSOCIATION, THE SUCCESSOR
HAS ONLY THE POWERS OF THE SAVINGS AND LOAN ASSOCIATION AS THE
BANK COMMISSIONER MAY APPROVE UNDER SUBSECTION (E)(2) OF THIS
SECTION.

(2)  Each constituent bank's rights, franchises, and
interests in any property become the property of the successor
without any deed, transfer, or other action.

(3)  The successor has the same powers that each
constituent bank had as to any property held in any fiduciary
capacity, without any deed, transfer, or other action. The
successor may be removed or replaced as fiduciary in the same
manner and to the same extent as the constituent bank.

(d) (1) Unless this construction would be unreasonable, any
reference to any constituent bank in any writing, whether
executed or taking effect before or after the consolidation or
merger, shall be interpreted as a reference to the successor.

(2) The successor may use the name of any constituent
bank if it can do any act more conveniently under that name.

(e)  (1) If a constituent bank OTHER THAN A SAVINGS AND LOAN
ASSOCIATION has assets or engages in business activities that do
not conform to the law governing the successor, the Bank
Commissioner may allow a reasonable time for the successor, to
conform to that law.

(2) IF A CONSTITUENT BANK IS A SAVINGS AND LOAN
ASSOCIATION, THE SUCCESSOR MAY HOLD THE ASSETS OR CONDUCT THE
BUSINESS ACTIVITIES OF THE SAVINGS AND LOAN ASSOCIATION THAT DO
NOT CONFORM TO THE LAW GOVERNING THE SUCCESSOR FOR:

(I)  2 YEARS AFTER THE MERGER, CONSOLIDATION, OR
ASSET TRANSFER; AND

(II)  IF APPROVED BY THE BANK COMMISSIONER, IF
THE BANK COMMISSIONER APPROVES, FOR AN ADDITIONAL PERIOD NOT TO
EXCEED 3 YEARS.

(f)  Unless the Bank Commissioner approves, the successor
may not carry on its books an asset received from a constituent
bank at a higher value than that on the books of the constituent
bank at the time of the last examination by a State or [national]
FEDERAL bank examiner before the effective date of the
consolidation or merger.

SUBTITLE 11. SAVINGS AND LOAN ASSOCIATIONS - EMERGENCY
INTERSTATE ACQUISITIONS

5-1101.