Section 9-628 - Statutory merger. - Maryland Statutes

§ 9-628. Statutory merger.
 

A savings and loan association may effect a statutory merger into any other savings and loan association, any savings bank, or any out-of-state association as defined in § 9-1001 (i) of this title if the plan of statutory merger: 

(1) Complies with Title 3 of the Corporations and Associations Article; 

(2) Is approved by: 

(i) The board of directors of both the successor and the transferor; 

(ii) The shareholders or members of a transferor association; and 

(iii) The Division Director; and 

(3) The out-of-state association complies with § 9-1004 of this title. 
 

[CA § 6-224; 1980, ch. 856; 1986, ch. 282; 1987, ch. 544.]