WILLIAM DONALD SCHAEFER, Governor                   Ch. 544

(II) THE SUCCESSOR SAVINGS AND LOAN
ASSOCIATION, IF IT IS AN A SAVINGS AND LOAN ASSOCIATION NOT
CHARTERED UNDER THE LAWS OF THIS STATE, SATISFIES THE
REQUIREMENTS OF THE LAWS OF THE JURISDICTION IN WHICH IT IS
ORGANIZED THAT RELATE TO THE ORGANIZATION OF SAVINGS AND LOAN
ASSOCIATIONS IN THAT JURISDICTION; and

(2) The plan would be consistent with adequate and
sound savings and loan practices and in the public interest. In
making the determination required by this paragraph, the Division
Director shall consider:

(i) The financial history and condition of the
parties to the plan;

(ii) Their prospects;

(iii) The management of the association;

(iv) The effect of the plan on competition; and

(v) The convenience and needs of the area IN
THIS STATE primarily to be served by the resulting association.

(d)  (1) Within 60 days of the filing, the Division Director
shall approve or disapprove any plan submitted under subsection
(a) of this section.

(2) THE DIVISION DIRECTOR SHALL GIVE PRIORITY
CONSIDERATION TO ANY PLAN FOR THE ACQUISITION OF A SAVINGS AND
LOAN ASSOCIATION WHICH, ON OR BEFORE JULY 1, 1987, WAS NOT
INSURED BY THE FEDERAL SAVINGS AND LOAN INSURANCE CORPORATION,
HAD NOT RECEIVED CONDITIONAL APPROVAL FOR FEDERAL INSURANCE, AND
WAS NOT SUBSTANTIALLY LIKELY TO QUALIFY FOR FEDERAL INSURANCE.

(2) (3) If the Division Director approves the plan of
consolidation, merger, transfer of assets, statutory merger,
partial liquidation, dissolution, or reorganization, the Division
Director shall certify each document that the State Department of
Assessments and Taxation requires.

(e)  Any applicant aggrieved by the action or nonaction of
the Division Director may appeal to the Circuit Court for
Baltimore City.

9-801.

In this subtitle, "foreign association" means any savings
and loan association other than:

(1) A savings and loan association incorporated under
the laws of this State; or

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