1510

LAWS OF MARYLAND

Ch. 567

(f)(1) [Except as provided in paragraph (2) of this
subsection, a] A person may not sue under this section
[more than] AFTER THE EARLIER TO OCCUR OF three years
after the contract of sale OR THE TIME SPECIFIED IN
PARAGRAPH (2) OF THIS SUBSECTION.

SECTION 3. AND BE IT FURTHER ENACTED, That Sections
271(a) and 271(b) of Article 48A - Insurance Code, of the
Annotated Code of Maryland (1972 Replacement Volume and
1975 Supplement) be and they are hereby repealed and
reenacted, with amendments, to read as follows:

Article 48A — Insurance Code

271.

(a)     The provisions of the Corporations and
Associations Article [of the Code] relating to THE
consolidation [and], merger, AND SHARE EXCHANGE of stock
corporations shall apply to the consolidations [and],
mergers, AND SHARE EXCHANGES of domestic stock insurers
and domestic and foreign stock insurers, except as
otherwise provided in this section.

271.

(b)    The articles of consolidation [and the],
articles of merger, AND ARTICLES OF SHARE EXCHANGE of
stock insurers shall be submitted to the Commissioner for
examination and approval before the same may be received
for record by the State Department of Assessments and
Taxation.

SECTION 4. AND BE IT FURTHER ENACTED, That new
Sections 1-101(r-1), 1-103, 1-206, 2-405.1, 2-416, 2-419,
2-514, 2-610.1, 2-612, 3-109(c-1), 3-114(b-1), 3-114.1,
3—520, and 5—117.1 be and they are hereby added to
Article — Corporations and Associations, of the Annotated
Code of Maryland (1975 Volume and 1975 Supplement) to
read as follows:

Article — Corporations and Associations

1-101.

(R-1) "SHARE EXCHANGE" MEANS A TRANSACTION:

(1)    IN WHICH A CORPORATION ACQUIRES ALL THE
ISSUED OR ALL THE OUTSTANDING SHARES OF STOCK OF ONE OR
MORE CLASSES OF ANOTHER CORPORATION BY A STOCKHOLDER VOTE
UNDER THIS ARTICLE; AND

(2)    WHICH DOES NOT AFFECT THE CORPORATE
EXISTENCE OF EITHER CORPORATION.

1-103.

TITLES 1 THROUGH 3 OF THIS ARTICLE MAY BE CITED AS