PARRIS N. GLENDENING, Governor                               Ch. 36

REVISOR'S NOTE: This section is new language derived without substantive
change from former Art. 48A, § 494A(c)(2) and (1)(ii) and, as it related to
filing a pre-acquisition notification, (i) and the reference to 30 days in
(b)(2)(iii).

Subsection (b) of this section is revised to state explicitly that which only was
implied in the former law. The former law referred to a waiting period after
filing the pre-acquisition notification before an acquisition could become
effective, thus implying that the pre-acquisition notification must be filed
within 30 days before an acquisition is proposed to become effective.

In subsection (c)(2)(i) of this section, the reference to "§ 7-405(a)(1)(i) of this
subtitle" is substituted for the former inaccurate reference to the "competitive
standard of subsection (d) of this section" to reflect that § 7-405(a)(1)(i) does
not establish a competitive "standard" for review of acquisitions under §
7-405(c) of this subtitle.

The former reference in Art. 48A, § 494A(c)(1)(i) to an acquisition being
subject to an order if the acquisition becomes effective without meeting the
filing and waiting requirements is deleted as unnecessary in light of § 7-405 of
this section.

Defined terms: "Commissioner" § 1-101
"Person" § 1-101

7-404. WAITING PERIOD.

(A)     IN GENERAL.

THE WAITING PERIOD FOR AN ACQUISITION SUBJECT TO THIS SUBTITLE:

(1)     BEGINS ON THE DAY THE COMMISSIONER RECEIVES THE
PRE-ACQUISITION NOTIFICATION; AND

(2)     ENDS ON THE EARLIER OF:

(I)      30 DAYS AFTER THE PERIOD BEGINS; OR

(II)     THE DAY ON WHICH THE COMMISSIONER ENDS THE WAITING
PERIOD.

(B)     EXTENSION.

(1)     DURING THE WAITING PERIOD FOR AN ACQUISITION SUBJECT TO
THIS SUBTITLE, THE COMMISSIONER MAY REQUIRE THAT ADDITIONAL
INFORMATION RELEVANT TO THE PROPOSED ACQUISITION BE FILED.

(2)     IF THE COMMISSIONER REQUIRES ADDITIONAL INFORMATION, THE
WAITING PERIOD SHALL BE EXTENDED TO THE EARLIER OF:

(I) 30 DAYS AFTER THE COMMISSIONER RECEIVES THE
ADDITIONAL INFORMATION; OR

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