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: Complies with Title 3 of the Corporations and Associations Article; Is approved by: The board of directors of both the successor and the transferor; The shareholders or members of a transferor association; and The Division Director; and The out-of-state association complies with § 9-1004 of this title.