1078

LAWS OF MARYLAND

Ch. 282

(4) "CONTROL" MEANS THE ABILITY OF A PERSON TO DIRECT
THE MANAGEMENT OR POLICIES OF AN ASSOCIATION OR ENTITY OR ELECT A
MAJORITY OF A BOARD OF DIRECTORS OR THE OWNERSHIP OF MORE THAN 10
PERCENT OF THE OUTSTANDING SHARES OF ANY CLASS OF SECURITIES OF
AN ASSOCIATION OR INTEREST IN AN ENTITY.

(B)  PROHIBITION.

EXCEPT AS PROVIDED IN SUBSECTION (G) OF THIS SECTION,
WITHOUT THE PRIOR WRITTEN APPROVAL OF THE DIVISION DIRECTOR UNDER
THIS SECTION, A PERSON MAY NOT ACQUIRE CONTROL OF AN ASSOCIATION
OR CONTROL OF AN ENTITY WHICH, DIRECTLY OR INDIRECTLY, CONTROLS
OR IS CONTROLLED BY AN ASSOCIATION.

(C)  INTENDED ACQUISITION.

IF THE APPROVAL OF THE DIVISION DIRECTOR IS REQUIRED UNDER
SUBSECTION (B) OF THIS SECTION, A PERSON WHO INTENDS TO ACQUIRE
SHARES OF AN ASSOCIATION OR INTEREST IN AN ENTITY THAT CONTROLS
OR IS CONTROLLED BY AN ASSOCIATION SHALL:

(1)  FILE AN APPLICATION FOR APPROVAL IN THE FORM THAT
THE DIVISION DIRECTOR REQUIRES;

(2)  DELIVER TO THE DIVISION DIRECTOR ANY OTHER
INFORMATION THAT THE DIVISION DIRECTOR REQUIRES WITH THE
CERTIFICATION OF FINANCIAL INFORMATION AND ANY VERIFICATION BY
OATH OR AFFIRMATION OF OTHER DATA THAT THE DIVISION DIRECTOR
SPECIFIES; AND

(3)  EXCEPT IN THE CASE OF AN APPLICANT THAT IS A
DOMESTIC CORPORATION OR A FOREIGN CORPORATION QUALIFIED TO DO
BUSINESS IN MARYLAND, DELIVER TO THE DIVISION DIRECTOR A WRITTEN
CONSENT TO SERVICE OF PROCESS IN ANY ACTION OR SUIT ARISING OUT
OF OR IN CONNECTION WITH THE PROPOSED ACQUISITION THROUGH SERVICE
OF PROCESS ON THE SECRETARY OF LICENSING AND REGULATION.

(D)  INVESTIGATION.

(1) UPON RECEIPT OF AN APPLICATION FOR APPROVAL AND
OTHER ITEMS REQUIRED UNDER SUBSECTION (C) OF THIS SECTION, THE
DIVISION DIRECTOR SHALL CONDUCT AN INVESTIGATION TO DETERMINE
WHETHER THE ACQUISITION, ITS PURPOSES AND PROBABLE EFFECTS WOULD
BE CONSISTENT WITH PURPOSES OF TITLE 8 OF THIS ARTICLE AND OF
THIS TITLE, WHETHER:

(I)  THE APPLICANT, OR ITS DIRECTORS, OFFICERS,
OR CONTROLLING PERSONS, AND ANY PROPOSED NEW OFFICERS, DIRECTORS,
OR CONTROLLING PERSONS OF THE ASSOCIATION INVOLVED WOULD SATISFY
THE TEST FOR INCORPORATORS, OFFICERS, DIRECTORS, AND CONTROLLING
PERSONS OF A NEW ASSOCIATION UNDER § 9-207 OF THIS SUBTITLE; AND

(II)  THE PROPOSED ACQUISITION WOULD BE
PREJUDICIAL TO THE INTERESTS OF THE DEPOSITORS, CREDITORS,