HARRY HUGHES, Governor

1379

(2) A REORGANIZATION SUBMITTED FOR APPROVAL SHALL
HAVE BEEN APPROVED BY THE SAVINGS BANK UNDER THE PROCEDURES
DESCRIBED IN § 4-701(C) OF THIS TITLE.

(B)(1) THE APPLICATION FOR APPROVAL OF REORGANIZATION SHALL
CONTAIN:

(I) A BRIEF STATEMENT SUMMARIZING A PLAN OF
REORGANIZATION;

(II) 3 COPIES OF THE PROPOSED ARTICLES OF
INCORPORATION OF THE SUBSIDIARY SAVINGS BANK ACKNOWLEDGED BY THE
INCORPORATORS OF THE SUBSIDIARY SAVINGS BANK;

(III) A STATEMENT THAT THE PLAN OF
REORGANIZATION WAS ADVISED, AUTHORIZED, AND APPROVED BY THE
SAVINGS BANK IN THE MANNER AND BY THE VOTE REQUIRED BY ITS
CHARTER AND THE LAWS OF THIS STATE; AND

(IV) A STATEMENT OF THE MANNER OF APPROVAL.

(C) THE PLAN OF REORGANIZATION SHALL PROVIDE THAT;

(1) A SUBSIDIARY SAVINGS BANK SHALL BE INCORPORATED
PURSUANT TO SUBTITLE 9 OF THIS TITLE;

(2) THE SAVINGS BANK SHALL TRANSFER A SUBSTANTIAL
PART OF ITS ASSETS TO THE SUBSIDIARY SAVINGS BANK AND THE
SUBSIDIARY SAVINGS BANK SHALL ASSUME A SUBSTANTIAL PART OF THE
SAVINGS BANK'S LIABILITIES, INCLUDING ALL DEPOSITORY LIABILITIES;

(3) AS A RESULT OF THE REORGANIZATION OF THE SAVINGS
BANK INTO A MUTUAL HOLDING COMPANY, THE MUTUAL HOLDING COMPANY
SHALL HOLD ALL OF THE STOCK OF THE SUBSIDIARY SAVINGS BANK.

(4) AFTER TRANSFER AND ASSUMPTION, PERSONS WITH PRIOR
CORRESPONDING RIGHTS AS DEPOSITORS OR CREDITORS AGAINST A SAVINGS
BANK SHALL HAVE THE SAME RIGHTS WITH RESPECT TO THE MUTUAL
HOLDING COMPANY AND THE SUBSIDIARY SAVINGS BANK.

(D) THE PLAN OF REORGANIZATION:

(1) MAY CONTAIN ANY OTHER PROVISION NOT INCONSISTENT
WITH LAW; AND

(2) SHALL SET FORTH THE NECESSARY CORPORATE STEPS FOR
THE SAVINGS BANK TO REORGANIZE INTO A MUTUAL HOLDING COMPANY,
INCLUDING:

(I) ALL REQUIRED CHARTER AMENDMENTS; AND

(II) A DESCRIPTION OF THE CORPORATE MANAGEMENT
OF THE REORGANIZED MUTUAL HOLDING COMPANY.