PARRIS N. GLENDENING, Governor                             Ch. 213

(3) If there is any doubt as to whether the stock acquisition will affect the
power to direct or cause direction of the management or policy of a commercial bank or
bank holding company, the doubt shall be resolved in favor of reporting to the Bank
Commissioner.

(d)     The Bank Commissioner may deny approval for a stock acquisition that the
Bank Commissioner determines to be anticompetitive or to threaten the safety or
soundness of a banking institution.

(e)     Voting stock that is acquired in violation of this section may not be voted for
5 years.

(f) [The provisions of this section are also applicable to a stock acquisition of a
bank organized under the laws of the United States having banking offices located only in
this State as authorized by § 5-1003 of this article.

(G)] THE PROVISIONS OF THIS SECTION DO NOT APPLY TO AN ACQUISITION
FOR WHICH AN APPLICATION IS REQUIRED UNDER § 5-904 OF THIS ARTICLE.

3-701.

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

(b)     "Bank" means a commercial bank, a national banking association, AN
OTHER-STATE BANK, or a federally-chartered savings bank or savings and loan
association.

(c)     "Constituent bank" means a party to a consolidation, merger, or transfer of
assets.

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

(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.

3-702.

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

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

(2)     Merge into another bank or have one or more other banks merged into
it; or

(3)     Transfer its assets to another bank.

(b)     If the successor will be a commercial bank:

(1) The consolidation, merger, or transfer of assets shall be made in
accordance with the provisions of this subtitle; and

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