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.