§ 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.