1140                                          LAWS OF MARYLAND                                      Ch. 282

(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.

(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:

(i) It complies with Title 3 of the
Corporations and Associations Article, except as provided in this
section; and

(ii) The plan of consolidation, merger, or
transfer of assets is approved by:

1. The Board of Directors of each savings
and loan association party to the transaction;

2. Unless its charter or bylaws provide
otherwise the members of each savings and loan association by a
majority of all votes cast at a meeting of members at which a
quorum is present; and

3. The Division Director.
9-628. Statutory merger.