§ 9-628
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§9–628.
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.