HARRY HUGHES, Governor

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(C)  A COMMERCIAL BANK THAT RESULTS FROM A CONVERSION OF A
SAVINGS AND LOAN ASSOCIATION OR ACQUIRES A SAVINGS AND LOAN
ASSOCIATION MAY HOLD INSURANCE ASSETS OR CONDUCT INSURANCE
ACTIVITIES THAT RESULT FROM THE ACQUISITION OF A SAVINGS AND LOAN
ASSOCIATION AND THAT DO NOT CONFORM WITH APPLICABLE LAW, UNLESS A
DIFFERENT PERIOD IS AUTHORIZED BY FEDERAL REGULATORY AGENCIES,
FOR A PERIOD OF 2 YEARS AFTER THE DATE OF ACQUISITION.

(D)  EXCEPT AS PROVIDED IN SUBSECTION (C) OF THIS SECTION, A
COMMERCIAL BANK ACQUIRED UNDER THIS SUBTITLE MAY HOLD INSURANCE
ASSETS OR CONDUCT INSURANCE ACTIVITIES ONLY TO THE EXTENT
PERMITTED UNDER APPLICABLE LAW TO A MARYLAND COMMERCIAL BANK.

(E) A COMMERCIAL BANK THAT RESULTS FROM THE CONVERSION OF A
SAVINGS AND LOAN ASSOCIATION OR ACQUIRES A SAVINGS AND LOAN
ASSOCIATION 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
ACQUISITIONS UNTIL SUCH TIME AS NATIONAL RECIPROCAL INTERSTATE
BANKING IS AUTHORIZED UNDER STATE LAW.

5-1106.

(A)  NOTWITHSTANDING ANY OTHER PROVISIONS OF LAW TO THE
CONTRARY, THE COMMISSIONER MAY:

(1)  EXERCISE ANY STATE REGULATORY APPROVAL THAT MAY
BE REQUIRED TO COMPLETE A PLAN OF ACQUISITION UNDER THIS
SUBTITLE; AND

(2)  WAIVE ANY PROCEDURAL REQUIREMENTS, INCLUDING
PUBLICATION AND HEARING PROCEDURES, IF THE COMMISSIONER
DETERMINES THAT PROMPT APPROVAL OF THE APPLICATION PROTECTS THE
BEST INTERESTS OF THE DEPOSITORS AND CREDITORS OF THE SAVINGS AND
LOAN ASSOCIATION TO BE ACQUIRED UNDER THIS SUBTITLE AND IS IN THE
PUBLIC INTEREST.

(B)  THE COMMISSIONER SHALL GIVE NOTICE IN THE MARYLAND
REGISTER OF THE FINAL ACTION THAT HAS BEEN TAKEN ON AN
APPLICATION FILED UNDER THIS SUBTITLE.

5-1107.

UPON AND AFTER THE ACQUISITION OF EACH SAVINGS AND LOAN
"ASSOCIATION OR COMMERCIAL BANK SUCCESSOR TO A SAVINGS AND LOAN
ASSOCIATION TO BE ACQUIRED UNDER THIS SUBTITLE, THE OUT-OF-STATE
BANK HOLDING COMPANY AND THE ACQUIRED INSTITUTION SHALL:

(1) DEFEND, INDEMNIFY, AND HOLD HARMLESS THE STATE OF
MARYLAND, ITS AGENCIES, INSTRUMENTALITIES, OFFICIALS, AGENTS AND
EMPLOYEES FROM ALL CLAIMS OF: