Ch. 6

LAWS OF MARYLAND

(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.

DRAFTER'S NOTE:

Error: Stylistic error errors in § 9-1004(a)(1))(i)
of the Financial Institutions Article.

Occurred: Ch. 544, Acts of 1987.

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

(i) The laws of the jurisdiction where the

out-of-state association has its principal place of business

permit Maryland associations to acquire savings and loan
associations in that jurisdiction;

(ii) The laws of the jurisdiction where the
out-of-state association has its principal place of business
permit the out-of-state association to be acquired by the
Maryland association sought to be acquired;

(iii) The out-of-state association seeks to
acquire:

1.  A Maryland association that has been
in existence and continuously operated for more than 4 years; or

2.  An interstate association that has
deposit-taking offices which have been continuously operated in
Maryland for more than 4 years; and

(iv) The acquisition is subject to any
additional conditions, restrictions, requirements, or other
limitations, including without limitation any longevity
requirements, that apply to the acquisition by a Maryland
association of a savings and loan association in the jurisdiction
where the out-of-state association has its principal place of
business, but do not apply to acquisitions by savings and loan
[associations] ASSOCIATIONS, all of whose deposit-taking offices
are located in that jurisdiction.

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