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.
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