HARRY HUGHES, Governor

1077

(1)  The Division Director approves the proposed
articles of revival [under terms established by the Board of
Commissioners]; and

(2)  The charter was forfeited for:

(i) Failure to file an annual report with the
State Department of Assessments and Taxation; or

(ii) Nonpayment of taxes.

(b) Approval or refusal.

Not later than 30 days after a savings and loan association
files articles of revival with the Division Director for
examination, the Director shall pass an order approving or
refusing the articles of revival.

[(c) Appeal.

The savings and loan association may appeal the action or
nonaction of the Division Director in accordance with Title 8,
Subtitle 4 of this article and Chapter 1100, Subtitle B of the
Maryland Rules. ]

9-213. Division Director may require filing of bylaws.

At the written request of the Division Director, a savings
and loan association shall file a certified copy of its current
bylaws with the Division Director within 10 days of the request.

9-214, 9-215. Reserved.

Part II. Initial Capitalization

9-216. ACQUISITIONS OF SHARES OF STOCK OF ASSOCIATION; CHANGE OF
CONTROL.

(A) DEFINITIONS.

(1)  IN THIS SECTION THE FOLLOWING WORDS HAVE THE
MEANINGS INDICATED.

(2)  "ACQUIRE" MEANS TO OBTAIN LEGAL OR BENEFICIAL
OWNERSHIP OF SHARES, OR VOTING RIGHTS OF SHARES, WHETHER DIRECTLY
OR INDIRECTLY, THROUGH AN INTERMEDIARY OR OTHERWISE.

(3)  "BENEFICIAL OWNERSHIP" INCLUDES:

(I)  OWNERSHIP BY ANOTHER PERSON WHO CONTROLS,
IS CONTROLLED BY, OR IS UNDER COMMON CONTROL WITH A PERSON; AND

(II)  OWNERSHIP BY A MEMBER OF THE IMMEDIATE
FAMILY.