WILLIAM DONALD SCHAEFER, Governor                   Ch. 544

AN OUT-OF-STATE ASSOCIATION OR OUT-OF-STATE SAVINGS AND LOAN
HOLDING COMPANY OF ALL OR SUBSTANTIALLY ALL OF THE SHARES OF A
SAVINGS AND LOAN ASSOCIATION ORGANIZED SOLELY TO FACILITATE THE
ACQUISITION OF A SAVINGS AND LOAN ASSOCIATION THAT HAS BEEN IN
EXISTENCE AND CONTINUOUSLY OPERATED FOR MORE THAN 2 4 YEARS.

(D) THE PERIOD OF EXISTENCE OF ANY DEPOSIT-TAKING
INSTITUTION WHICH HAS MERGED INTO, CONSOLIDATED WITH, CONVERTED
INTO, TRANSFERRED ALL OR SUBSTANTIALLY ALL OF ITS ASSETS TO, OR
BEEN A PARTY TO ANY OTHER FORM OF A CORPORATE REORGANIZATION WITH
ANOTHER SAVINGS AND LOAN ASSOCIATION SHALL BE INCLUDED IN THE
PERIOD OF EXISTENCE AND CONTINUOUS OPERATION OF THE SUCCESSOR
MARYLAND ASSOCIATION FOR PURPOSES OF SATISFYING THE LONGEVITY
REQUIREMENTS OF THIS SECTION.

9-1004.

(A) (1) AN OUT-OF-STATE ASSOCIATION THAT HAS NOT ACQUIRED A
MARYLAND ASSOCIATION OR AN INTERSTATE ASSOCIATION IS AUTHORIZED
TO ACQUIRE A MARYLAND ASSOCIATION OR AN INTERSTATE ASSOCIATION,
IF THE OUT-OF-STATE ASSOCIATION AND ENTITY BEING ACQUIRED:

(I)  COMPLY WITH ALL APPLICABLE PROVISIONS OF §
9-216 OF THIS ARTICLE;

(II)  COMPLY WITH ALL APPLICABLE PROVISIONS OF
TITLE 9, SUBTITLE 6 OF THIS ARTICLE;

(III)  COMPLY WITH ALL APPLICABLE PROVISIONS OF
TITLE 3, SUBTITLE 6 OF THE CORPORATIONS AND ASSOCIATIONS
ARTICLE.;

(IV)  FILE AN APPLICATION FOR APPROVAL WITH THE
DIVISION DIRECTOR CONTAINING INFORMATION THE DIVISION DIRECTOR
MAY BY REGULATION REQUIRE;

(V)  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

(VI)  RECEIVE APPROVAL OF THE ACQUISITION FROM
THE DIVISION DIRECTOR.

(2) THE DIVISION MAY NOT GRANT APPROVAL OF AN
ACQUISITION UNDER THIS SUBSECTION UNLESS THE DIVISION DIRECTOR
SHALL FIND:

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