74

LAWS OF MARYLAND

Ch. 3

(I)  HOLDERS OF SAVINGS ACCOUNTS IN THAT SAVINGS
AND LOAN ASSOCIATION ARISING OUT OF INSURANCE OF THEIR ACCOUNTS
BY THE MARYLAND SAVINGS-SHARE INSURANCE CORPORATION OR THE STATE
OF MARYLAND DEPOSIT INSURANCE FUND CORPORATION; AND

(II)  PARTIES TO LOAN AGREEMENTS, LOAN
COMMITMENTS, LINES OF CREDIT, OR LETTERS OF CREDIT OF THAT
SAVINGS AND LOAN ASSOCIATION ARISING SOLELY OUT OF THE FAILURE OF
THE COMMERCIAL BANK TO HONOR WITHIN A REASONABLE PERIOD OF TIME
AFTER ITS ACQUISITION BY THE OUT-OF-STATE BANK HOLDING COMPANY
THE TERMS OF A LEGALLY BINDING WRITTEN COMMITMENT ENTERED INTO BY
THAT SAVINGS AND LOAN ASSOCIATION;

(2) RELINQUISH ANY RIGHT TO AND RELEASE THE STATE OF
MARYLAND DEPOSIT INSURANCE FUND CORPORATION FROM ANY OBLIGATION
TO RETURN ANY PART OF THE CAPITAL DEPOSIT REQUIRED FOR MEMBERSHIP
IN THE FUND; AND

(3) PROVIDE FOR REPAYMENT OF ANY INDEBTEDNESS
INCURRED BY AN ACQUIRED SAVINGS AND LOAN ASSOCIATION TO THE
FORMER MARYLAND SAVINGS-SHARE INSURANCE CORPORATION OR THE STATE
OF MARYLAND DEPOSIT INSURANCE FUND CORPORATION.

9-627.

(A)  A savings and loan association INSURED BY THE FEDERAL
SAVINGS AND LOAN INSURANCE CORPORATION may consolidate with,
merge into, or transfer its assets to any other savings and loan
association OR FEDERAL SAVINGS AND LOAN ASSOCIATION or any
savings bank OR FEDERAL SAVINGS BANK if:

(1)  It complies with Title 3 of the Corporations and
Associations Article; and

(2)  The Division Director approves the plan of
consolidation, merger, or transfer of assets.

(B)  (1) IN THIS SUBSECTION, "SAVINGS AND LOAN ASSOCIATION"
MEANS A SAVINGS AND LOAN ASSOCIATION:

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

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

(2) A SAVINGS AND LOAN ASSOCIATION MAY CONSOLIDATE
WITH, MERGE INTO, OR TRANSFER ITS ASSETS TO ANY OTHER SAVINGS AND
LOAN ASSOCIATION, FEDERAL SAVINGS AND LOAN ASSOCIATION OR FEDERAL
SAVINGS BANK IN THIS STATE, BANKING INSTITUTION, OR NATIONAL
BANKING ASSOCIATION IN THIS STATE IF: