# Financial Institutions (GFI)

## Title 9. Savings and Loan Associations

### Subtitle 6. Conversions; Extraordinary Actions

#### Section 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 Sec. 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 Sec. 9-1004 of this title.

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Md. Code Ann., Fin. Inst. (as displayed at mgaleg.maryland.gov, October 16, 2026)