Maryland Financial Institutions 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 § 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.