Maryland Code, FINANCIAL INSTITUTIONS 9-630
Terms Used In Maryland Code, FINANCIAL INSTITUTIONS 9-630
- Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(b) (1) Except as provided in paragraph (3) of this subsection, the Division Director shall publish notice of the filing of a plan of consolidation, merger, transfer of assets, statutory merger, reorganization, partial liquidation, or dissolution.
(2) The notice shall be published:
(i) In a newspaper of general circulation in the political subdivision in which the principal office of each savings and loan association named in the plan is located; and
(ii) In the Maryland Register as provided in the State Documents Law.
(3) Subject to the confirmation of the Secretary of Labor, the Division Director may approve a plan of consolidation, merger, reorganization, transfer of assets, statutory merger, partial liquidation, or dissolution without the required notice if a delay of such a plan would result in economic hardship to either party to a merger.
(c) The Division Director shall examine any plan submitted under subsection (a) of this section and shall determine if:
(1) (i) The successor savings and loan association, if it is an association chartered under the laws of this State, satisfies the requirements of Subtitle 2 of this title that relate to organization as a savings and loan association; or
(ii) The successor savings and loan association, if it is a savings and loan association not chartered under the laws of this State, satisfies the requirements of the laws of the jurisdiction in which it is organized that relate to the organization of savings and loan associations in that jurisdiction; and
(2) The plan would be consistent with adequate and sound savings and loan practices and in the public interest. In making the determination required by this paragraph, the Division Director shall consider:
(i) The financial history and condition of the parties to the plan;
(ii) Their prospects;
(iii) The management of the association;
(iv) The effect of the plan on competition; and
(v) The convenience and needs of the area in this State primarily to be served by the resulting association.
(d) (1) Within 60 days of the filing, the Division Director shall approve or disapprove any plan submitted under subsection (a) of this section.
(2) The Division Director shall give priority consideration to any plan for the acquisition of a savings and loan association which, on or before July 1, 1987, was not insured by the Federal Savings and Loan Insurance Corporation, had not received conditional approval for federal insurance, and was not substantially likely to qualify for federal insurance.
(3) If the Division Director approves the plan of consolidation, merger, transfer of assets, statutory merger, partial liquidation, dissolution, or reorganization, the Division Director shall certify each document that the State Department of Assessments and Taxation requires.
(e) Any applicant aggrieved by the action or nonaction of the Division Director may appeal to the Circuit Court for Baltimore City.