(a) (1) In this section the following words have the meanings indicated.
(2) "Bank holding company" has the meaning stated in the Federal Bank
Holding Company Act of 1956.
(3) "Stock acquisition" means:
(i) An acquisition of the outstanding voting stock of a commercial bank or
bank holding company in this State, if the acquisition will affect the
power to direct or to cause the direction of the management or policy
of any banking institution or bank holding company; or
(ii) An acquisition of any voting stock of a commercial bank, if the
acquisition will give any one person control of 25 percent or more of
the voting stock of the commercial bank.
(b) Except as provided in this section, a person may not make a stock
acquisition.
(c) (1) A person who intends to make a stock acquisition shall apply to the
Commissioner for approval, at least 60 days before the acquisition
becomes effective.
(2) The application shall include:
(i) A description of the proposed stock acquisition; and
(ii) All other information that is available to inform the Commissioner of
the effect of the acquisition on the power to direct or to cause
direction of the management or policy of a banking institution or bank
holding company.
(3) If there is any doubt as to whether the stock acquisition will affect
the power to direct or cause direction of the management or policy of a
commercial bank or bank holding company, the doubt shall be resolved in
favor of reporting to the Commissioner.
(d) The Commissioner may deny approval for a stock acquisition that the
Commissioner determines to be anticompetitive or to threaten the safety
or soundness of a banking institution.
(e) Voting stock that is acquired in violation of this section may not be
voted for 5 years.
(f) The provisions of this section do not apply to an acquisition for which
an application is required under § 5-904 of this article.
|
