Ch. 72                                     1994 LAWS OF MARYLAND

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

Article - Financial Institutions

3-701.

(a)     In this subtitle the following words have the meanings indicated.

(b)     "Bank" means a commercial bank [or], a national banking association, OR A
FEDERALLY-CHARTERED SAVINGS BANK OR SAVINGS AND LOAN ASSOCIATION.

(c)     "Constituent bank" [:

(1)     Means] MEANS a party to a consolidation, merger, or transfer of
assets[; and

(2)     Includes a savings and loan association].

(d)     ["Savings and loan association" means a savings and loan association
organized under Title 9 of this article that:

(1)     Was insured by the State of Maryland Deposit Insurance Fund
Corporation on October 1, 1985 and its successor; or

(2)     At the date of the consolidation, merger, or transfer of assets has net
worth certificates outstanding and payable to the State of Maryland.

(e)] "Successor" means the bank that carries on the business of the constituent
banks after a consolidation, merger, or transfer of assets.

[(f)] (E) "Transfer assets", "transfer its assets", or "transfer of assets" means to
sell, lease, exchange, or otherwise transfer all or substantially all of the property and
assets of a constituent bank.

[3-701.1.

The provisions of this subtitle which authorize the consolidation with a bank,
merger with a bank or transfer of assets to a bank of one or more savings and loan
associations are only in effect through June 1, 1986. Any business combinations that were
approved under those provisions before June 1, 1986 remain subject to the terms and
conditions that were in effect before that date.]

3-702.'

(a) Any bank may, as provided in this subtitle:

(1)     Consolidate with one or more other banks to form a new consolidated
bank;

(2)      [Have one or more savings and loan associations consolidated with it to
form a new consolidated bank;

(3)] Merge into another bank or have one or more other banks merged into
it; OR

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