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Can you summarize MDCM Fin. Inst., Title 4, Subtitle 8?
Short Summary
This legal document, found in the Code of Maryland under the Financial Institutions section, specifically Title 4, Subtitle 8, governs the reorganization of savings banks into mutual holding companies. It allows savings banks to submit an application for approval of reorganization to the Commissioner. The reorganization must be approved by the savings bank itself. The application for approval of reorganization should include a brief statement summarizing the plan of reorganization, proposed articles of incorporation of the subsidiary savings bank, a statement of approval by the savings bank, and a statement of the manner of approval. The plan of reorganization should provide for the incorporation of a subsidiary savings bank, transfer of assets and liabilities, and the holding of more than 50% of the stock by the mutual holding company. The plan may contain other provisions not inconsistent with the law and should outline the necessary corporate steps for the reorganization. The Commissioner is required to publish a notice of filing of the application, except in certain circumstances where approval without publication is allowed. Overall, this document sets out the requirements and procedures for the reorganization of savings banks into mutual holding companies in Maryland.
Whom does it apply to?
Savings banks, mutual holding companies, incorporators, directors, Commissioner
What does it govern?
Reorganization of savings banks into mutual holding companies
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Maryland