1080

LAWS OF MARYLAND

Ch. 282

(1)  AN ACQUISITION OF SHARES BY THE ISSUER OF THE
SHARES OR BY A PERSON WHO, AT THE TIME OF ACQUISITION, CONTROLS
THE ASSOCIATION OR ENTITY WHOSE SHARES OR INTEREST ARE PROPOSED
TO BE ACQUIRED;

(2)  A MERGER OR CONSOLIDATION WHICH REQUIRES THE
APPROVAL OF THE DIVISION DIRECTOR, BANK COMMISSIONER, OR THE
FEDERAL HOME LOAN BANK BOARD;

(3)  A TRANSACTION BY A BROKER-DEALER WHO DOES NO MORE
THAN PERFORM THE CUSTOMARY BROKER'S FUNCTION IN TRANSACTIONS ON A
STOCK EXCHANGE OR IN THE OVER-THE-COUNTER MARKET, WHO RECEIVES NO
MORE THAN THE CUSTOMARY BROKER'S COMMISSION AND WHO DOES NOT
SOLICIT, OR ARRANGE FOR THE SOLICITATION OF ORDERS; OR

(4)  A TRANSFER THROUGH TESTATE OR INTESTATE
SUCCESSION, AS LONG AS THE ACQUIRING PARTY ADVISES THE DIVISION
DIRECTOR IN WRITING WITHIN 30 DAYS OF THE ACQUISITION AND
PROVIDES THE INFORMATION THAT THE DIVISION DIRECTOR REQUIRES.

(H) CONTROL BY NONCITIZEN.

A PERSON WHO IS NOT A CITIZEN OF THE UNITED STATES MAY NOT
DIRECTLY OR INDIRECTLY ACQUIRE CONTROL OF AN ASSOCIATION.

(I) CONTROL OF MORE THAN ONE ASSOCIATION.

A PERSON MAY NOT DIRECTLY OR INDIRECTLY ACQUIRE CONTROL OF
MORE THAN ONE ASSOCIATION.

(J) (I) PENALTY.

(1)  ANY PERSON WHO DIRECTLY OR INDIRECTLY ACQUIRES
SHARES OF AN ASSOCIATION OR INTEREST IN AN ENTITY WHICH CONTROLS
AN ASSOCIATION IN VIOLATION OF THIS SECTION, OR WHO VIOLATES
SUBSECTION (F) OF THIS SECTION SHALL BE PUNISHED, UPON
CONVICTION, BY IMPRISONMENT IN THE PENITENTIARY FOR A PERIOD NOT
LESS THAN 1 YEAR, AND NOT MORE THAN 10 YEARS, OR A FINE NOT LESS

THAN $10,000 NOR MORE THAN $100,000, OR BOTH.

(2)  ANY PERSON WHO VIOLATES ANY PROVISION OF SECTION
9-216 IS LIABLE CIVILLY TO ANY ASSOCIATION, ENTITY, SHAREHOLDER,
OR OTHER PERSON DAMAGED BY THE VIOLATION.

[9-216.] 9-216.1. Initial accounts and surety bond.

(a) In general.

To organize as a savings and loan association, the chairman
of the incorporators shall:

(1)  Obtain a surety bond as provided in § 9-217 of
this subtitle; and

(2)  Establish: