HARRY HUGHES, Governor                                      1141

A savings and loan association may effect a statutory merger
into any other savings and loan association or any savings bank
if the plan of statutory merger:

(1)  Complies with Title 3 of the Corporations and
Associations Article; and

(2)  Is approved by:

(i) The board of directors of both the
successor and the transferor;

(ii) The members of a transferor association;
and

(iii) The Division Director.

9-629. Partial liquidation, dissolution, or reorganization.

A savings and loan association may reorganize, partially
liquidate, or dissolve if:

(1)  It complies with Title 3 of the Corporations and
Associations Article; and

(2)  The Division Director approves the plan of
reorganization, partial liquidation, or dissolution.

9-630. Approval or disapproval of plan; appeal.

(a)  Filing with Division Director.

To consolidate, merge, transfer assets, effect a statutory
merger, reorganize, partially liquidate, or dissolve, a savings
and loan association shall deliver to the Division Director the
proposed plan of the respective action.

(b)  Notice.

(1)  Except as provided in paragraph (3) of this
subsection, the Division Director shall publish notice of the
filing of a plan of consolidation, merger, transfer of assets,
statutory merger, reorganization, partial liquidation, or
dissolution.

(2)  The notice shall be published:

(i) In a newspaper of general circulation in
the political subdivision in which the principal office of each
savings and loan association named in the plan is located; and

(ii) In the Maryland Register as provided in
the State Documents Law.