WILLIAM DONALD SCHAEFER, Governor                   Ch. 544

Section 9-805; and 9-1001 through 9-1009 to be under the new
subtitle "Subtitle 10. Regional Reciprocal
Interstate Savings and Loan Acquisitions"

Annotated Code of Maryland

(1986 Replacement Volume)

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

Article - Financial Institutions

9-627.

(A) A savings and loan association may consolidate with,
merge WITH OR into, or transfer its assets to any other savings
and loan association [or], any savings bank, OR ANY OUT-OF-STATE
ASSOCIATION AS DEFINED IN § 9-1001(I) OF THIS TITLE 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; AND

(3)  THE OUT-OF-STATE ASSOCIATION COMPLIES WITH §
9-1004 OF THIS TITLE.

[(3)] (B) Notwithstanding any other provision of this
section or any other law, the approval by the shareholders or
members of a savings and loan association for which a receiver
has been appointed under § 9-708 of this title of a plan of
consolidation, merger, or transfer of assets of that savings and

loan association is not required if, after notice and a hearing_,_

the circuit court administering the receivership determines that:

[(i)] (1) The savings and loan association is
insolvent; or

[(ii)] (2) Consummation of the transactions
contemplated by the plan of consolidation, merger, or transfer of
assets will not result in the shareholders or members of the
SAVINGS AND LOAN association receiving property of a lesser value
in their capacity as shareholders or members than they otherwise
would upon a complete liquidation of the savings and loan
association in receivership.

9-628.

A savings and loan association may effect a statutory merger
into any other savings and loan association [or], any savings
bank, OR ANY OUT-OF-STATE ASSOCIATION AS DEFINED IN § 9-1001(I)
OF THIS TITLE if the plan of statutory merger:

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