Section 9-628 - Statutory merger.
§ 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.]