HARRY HUGHES, Governor

1079

BENEFICIARIES OF FIDUCIARY ACCOUNTS, OR SHAREHOLDERS OF THE
ASSOCIATION INVOLVED.

(2) EXCEPT FOR INFORMATION THAT THE DIVISION DIRECTOR
DETERMINES SHOULD BE KEPT CONFIDENTIAL, AS PART OF THE
INVESTIGATION THE DIVISION DIRECTOR SHALL TRANSMIT TO THE
ASSOCIATION OR ENTITY A COPY OF THE APPLICATION AND ALL OTHER
INFORMATION RECEIVED FROM THE APPLICANT FOR THE PURPOSE OF
RECEIVING COMMENTS FROM THE ASSOCIATION OR ENTITY.

(E)  APPLICATION APPROVAL.

(1)  WITHIN 60 DAYS AFTER RECEIPT OF AN APPLICATION
UNDER SUBSECTION (C) OF THIS SECTION OR WITHIN A LONGER PERIOD
NOT IN EXCESS OF 30 DAYS AFTER RECEIPT FROM THE APPLICANT OF
ADDITIONAL INFORMATION REQUIRED BY THE DIVISION DIRECTOR, THE
DIVISION DIRECTOR SHALL:

(I)  APPROVE OR DISAPPROVE THE PROPOSED
ACQUISITION; AND

(II)  GIVE WRITTEN NOTICE OF ITS DECISION TO THE
APPLICANT AND THE ASSOCIATION OR ENTITY.

(2)  IF THE DIVISION DIRECTOR APPROVES A PROPOSED
ACQUISITION THAT MAY RESULT IN A CHANGE OF CONTROL OF THE
ASSOCIATION OR ENTITY, THE DIVISION DIRECTOR MAY IMPOSE
CONDITIONS TO BE OBSERVED AFTER THE ACQUISITION WITH RESPECT TO:

(I)  TRANSACTIONS BETWEEN THE ASSOCIATION
INVOLVED AND THE APPLICANT OR AFFILIATE OF THE APPLICANT;

(II)  DIVIDENDS OR DISTRIBUTIONS BY THE
ASSOCIATION; OR

(III)  OTHER MATTERS AS THE DIVISION DIRECTOR
CONSIDERS ADVISABLE ON THE BASIS OF THE PURPOSES OF TITLES 8 AND
9 OF THIS ARTICLE.

(F)  PROHIBITION.

A PERSON MAY NOT MAKE, DIRECTLY OR INDIRECTLY, ANY UNTRUE
STATEMENT OF A MATERIAL FACT OR OMIT A MATERIAL FACT IN ORDER TO
MAKE THE STATEMENTS MADE, IN THE LIGHT OF THE CIRCUMSTANCES IN
WHICH THEY ARE MADE, AND MISLEADING MISLEAD ANY PERSON IN
CONNECTION WITH ANY ACQUISITION OR SALE OF, OR PROPOSAL TO
ACQUIRE OR SELL, SHARES WITHIN THE SCOPE OF THIS SECTION OR IN
ANY APPLICATION OR SUBMISSION OF INFORMATION TO THE DIVISION
DIRECTOR UNDER SUBSECTION (C) OF THIS SECTION.

(G)  EXEMPTION FROM APPROVAL.

APPROVAL UNDER THIS SECTION IS NOT REQUIRED FOR AN
ACQUISITION IN THE CASE OF EITHER: