§ 9-628. Statutory merger

Latest version.

   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.

HISTORY: CA § 6-224; 1980, ch. 856; 1986, ch. 282; 1987, ch. 544.

                    
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