HARRY HUGHES, Governor

1297

an acquisition of the Maryland bank by an out-of-state bank
holding company under certain circumstances; and providing
for a certain effective date.

BY repealing and reenacting, with amendments,

Article - Financial Institutions

Section 5-1003

Annotated Code of Maryland

(1980 Volume and 1985 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Financial Institutions

5-1003.

(a) (1) An out-of-state bank holding company not having a
Maryland bank subsidiary is authorized to acquire a Maryland
bank, Maryland bank holding company, or an out-of-state bank
holding company having a Maryland bank subsidiary if the
out-of-state bank holding company and entity being acquired:

(i) Comply with all applicable provisions of §§
3-314 and 5-403 of this article;

(ii) Comply with all applicable provisions of
Title 3, Subtitle 6 of the Corporations and Associations Article;

(iii) File an application for approval with the
Commissioner containing information the Commissioner may by
regulation require;

(iv) Submit with the application:

1.  The designation of a resident of this
State as the applicant's agent for the service of any paper,
notice, or legal process on the applicant in connection with
matters arising out of this subtitle; and

2.  A filing fee of $5,000; and

(v) Receive approval of the acquisition from
the Commissioner.

(2) The Commissioner may not grant approval of an
acquisition under this subsection unless the Commissioner shall
find:

(i) The laws of the jurisdiction where the
out-of-state bank holding company has its principal place of
business permit Maryland bank holding companies to acquire banks
and bank holding companies in that jurisdiction;