PARRIS N. GLENDENING, Governor                             Ch. 408

(D) The merger shall be in accordance with a plan that is:

(1)     Agreed to by a majority of the board of directors of each credit union
party to the merger; and

(2)     Approved by the members of each credit union party to the merger, by
the affirmative vote of a majority of the members [present at a meeting called for that
purpose] OF EACH CREDIT UNION PARTY TO THE MERGER WHO VOTE ON THE
PROPOSAL.

[(c)](D) (E) (l)After agreement by the directors and approval by the members
of the merging credit unions, the president and secretary of each credit union PARTY TO
THE MERGER shall execute a certificate of merger.

(2) The certificate of merger shall include as to each credit union PARTY TO
THE MERGER:

(i) The time and place of the meeting of the board of directors at
which the plan was agreed to;

(ii) The vote by which the plan was agreed to by the directors;

(iii) A copy of the resolution or other action by which the plan was
agreed to by the directors;

(iv) The [time and place of the meeting of the members at] DATE ON
OR BY which the plan was approved BY THE MEMBERS; and

(v) The vote by which the plan was approved by the members.

[(d)](E) (F) The certificate of merger and a copy of the plan of merger shall be:

(1)     Sent to the Bank Commissioner; and

(2)     If approved by the Bank Commissioner, certified by the Bank
Commissioner and returned to each credit union party to the merger within 30 days.

[(e)](F) (G) When the certificate is certified and sent back to the credit unions
by the Bank Commissioner:

(1)     All of the property, property rights, and members' interest of the merged
credit union belong to the surviving credit union without deed, endorsement, or other
instrument of transfer;

(2)     All of the debts, obligations, and liabilities of the merged credit union
are assumed by the surviving credit union; and

(3)     The rights and privileges of the members of the merged credit union
remain intact.

[(f)](G) (H) The surviving credit union shall act promptly to file and record the
certified certificate and plan of merger with the State Department of Assessments and
Taxation.

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