Ch. 662                                          LAWS OF MARYLAND

GOVERNMENT IF THE REPORT CONTAINS SUBSTANTIALLY THE SAME
INFORMATION REQUIRES UNDER THIS SECTION.

(C) UPON REQUEST, THE COMMISSIONER SHALL MAKE AVAILABLE TO
THE PUBLIC A COPY OF THE REPORT REQUIRES UNDER THIS SECTION.

5-903.

(a) Except as expressly provided in Section 1842 of Title
12 of the United States Code, as amended, and as provided herein
or otherwise under this article, an out-of-state bank holding
company or its subsidiary may not acquire or hold, directly or
indirectly, any voting shares of, any interest in, or all or
substantially all of the assets of any bank located in this
State.

(c) (1) Subject to the provisions of this subsection, the
Commissioner may exempt any bank whose stock has been acquired by
an out-of-state bank holding company or its subsidiary, under
subsection (b) of this section, from the restrictions set forth
in subsections (b)(1) and (b)(4) of this section if the
requirements of subsection (b) have otherwise been met and the
bank and its out-of-state bank holding company execute an
agreement requiring them to do the following:

(i) Acquire or commence construction of a
facility meeting the requirements of subparagraphs (ii) through
(iv) of this paragraph and located within an enterprise zone
designated under Article 41A, § 5-302 of the Code;

(ii) Within 1 1/2 years after the date of the
granting of the exemption, employ at least 500 persons full time
at that facility within the enterprise zone, but excluding
persons employed by the bank acquired under subsection (b) of
this section or by the bank's or the out-of-state bank holding
company's nonbanking subsidiaries in the State, at the time the
exemption is granted;

(iii) Within 2 1/2 years after the granting of
the exemption, employ at least 1,000 persons full time in this
State, at least 750 of whom shall be employed at the facility in
the enterprise zone, including those jobs created under
subparagraph (ii) of this paragraph, but excluding persons
employed by the bank acquired under subsection (b) of this
section or by the bank's or the out-of-state bank holding
company's nonbanking subsidiaries in the State, at the time the
exemption is granted;

(iv) Within 2 1/2 years after the date of the
granting of the exemption, invest at least $25,000,000 for the
purchase, installation, construction, or rehabilitation of
capital facilities located within an enterprise zone;

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