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<section article="gfi" article_name="Financial Institutions" number="3-720" title_number="3" title_name="Banking Institutions -- Commercial Banks" subtitle_number="7" subtitle_name="Consolidations, Mergers, and Transfers of Assets">
  <level label="a">
    <text>The fair value of the shares of stock shall be determined as of the date of the stockholders’ meeting approving the consolidation, merger, or transfer of assets.</text>
  </level>
  <level label="b">
    <level label="1">
      <text>The determination of fair value shall be made by three appraisers as follows:</text>
      <level label="i">
        <text>One chosen by the owners of two thirds of the shares involved;</text>
      </level>
      <level label="ii">
        <text>One chosen by the board of directors of the successor; and</text>
      </level>
      <level label="iii">
        <text>The third chosen by the other two appraisers.</text>
      </level>
    </level>
    <level label="2">
      <text>The fair value to which any two appraisers agree shall govern.</text>
    </level>
    <level label="3">
      <text>The appraisers shall give notice of the fair value determination to the successor and to each stockholder who has made demand for the determination under § 3-719 of this subtitle.</text>
    </level>
  </level>
  <level label="c">
    <level label="1">
      <text>Within 5 days after the appraisers give the notice of the fair value determination, a stockholder who is dissatisfied with that value may notify the Commissioner.</text>
    </level>
    <level label="2">
      <text>The Commissioner shall have the shares reappraised.</text>
    </level>
    <level label="3">
      <text>This reappraisal is final and binding as to the value of the shares of stock of that stockholder.</text>
    </level>
  </level>
  <level label="d">
    <level label="1">
      <text>If the appraisal to be made under subsection (b) of this section is not completed within 90 days after the consolidation, merger, or transfer of assets becomes effective, the Commissioner shall have an appraisal made.</text>
    </level>
    <level label="2">
      <text>This appraisal is final and binding as to the value of the shares of stock of all objecting stockholders.</text>
    </level>
  </level>
  <level label="e">
    <text>The successor shall pay the expenses of each appraisal made under this section.</text>
  </level>
</section>
