A savings and loan association may reorganize, partially liquidate, or dissolve if:
(1) It complies with Title 3 of the Corporations and Associations Article; and
(2) The Division Director approves the plan of reorganization, partial liquidation, or dissolution.
Structure Maryland Statutes
Title 9 - Savings and Loan Associations
Subtitle 6 - Conversions; Extraordinary Actions
Part IV - Consolidation; Merger; Transfer of Assets; Statutory Merger
Section 9-627 - Authority to Merge, Consolidate, or Transfer Assets
Section 9-628 - Statutory Merger
Section 9-629 - Partial Liquidation, Dissolution, or Reorganization