§ 4-701. Consolidation, merger, or transfer of assets
West's Annotated Code of MarylandFinancial InstitutionsEffective: July 1, 2019
Effective: July 1, 2019
MD Code, Financial Institutions, § 4-701
§ 4-701. Consolidation, merger, or transfer of assets
(a) In this section, “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 savings bank.
(b)(1) A savings bank may consolidate with, merge into, or transfer its assets to any banking institution in this State, any other bank in this State, or any State or federal savings and loan association in this State if the Commissioner gives written consent to the transaction.
(c) The transaction shall be approved at a meeting called for that purpose, by the affirmative vote of:
(d) An agreement that sets forth the terms and conditions of the proposed transaction shall be:
(e)(1) Except as provided in subsection (f) of this section, the Commissioner shall publish a notice of the filing of the agreement.
(f) Subject to confirmation by the Secretary of Labor, the Commissioner may approve an agreement without the notice in the Maryland Register if:
Credits
Added by Acts 1980, c. 33, § 2, eff. July 1, 1980. Amended by Acts 1981, c. 753, § 1; Acts 1995, c. 120, § 19, eff. July 1, 1995; Acts 1996, c. 326, § 2, eff. July 1, 1996; Acts 2004, c. 342, § 1, eff. June 1, 2004; Acts 2011, c. 332, § 4, eff. July 1, 2011; Acts 2019, c. 8, § 5.
Formerly Art. 11, § 51.
MD Code, Financial Institutions, § 4-701, MD FIN INST § 4-701
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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