1. (1) Complies with Title 3 of the Corporations and Associations Article;

2. (2) Is approved by:

   1. (i) The board of directors of both the successor and the transferor;
   2. (ii) The shareholders or members of a transferor association; and
   3. (iii) The Division Director; and
3. (3) The out-of-state association complies with § 9-1004 of this title.

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:

Added by Acts 1980, c. 856, § 2, eff. July 1, 1980. Amended by Acts 1986, c. 282, § 1, eff. June 1, 1986; Acts 1987, c. 544.