MARVIN MANDEL, Governor

1745

The term "savings banks" is deleted to avoid
confusion with State banks.

The reference to savings institution without
capital stock is deleted as obsolete under
present §40(a), now §6-106 of this subtitle;
in this regard, see the revisor's note to that
section.

Item (2) of this subsection is not intended to

exclude savings institutions from any lawful

activity otherwise permissible by historical
usage or by law.

(I) STATE BANK.

"STATE BANK" MEANS A CORPORATION WHICH HAS A
CHARTER AS A BANK UNDER PART III OF THIS SUBTITLE OR ANY
PRIOR PUBLIC GENERAL LAW OR PRIOR SPECIAL ACT OF THE
STATE.

REVISOR'S NOTE: This subsection is new language
added to distinguish between national and
State banks.

(J) TRUST COMPANY.

"TRUST COMPANY" MEANS A CORPORATION WHICH HAS
A CHARTER AS A TRUST COMPANY UNDER PART IV OF THIS
SUBTITLE OR ANY PRIOR PUBLIC GENERAL LAW OR PRIOR SPECIAL
ACT OF THE STATE.

REVISOR'S NOTE: This subsection is new language
derived without substantive change from the
first clause of the first sentence of Art. 11,
§61 and added here to avoid unnecessary
repetition.

PART II. SAVINGS INSTITUTIONS.

6-102. FORMATION IN GENERAL.

FIFTEEN OR MORE ADULT INDIVIDUALS, EACH OF WHOM IS A
CITIZEN OF THE STATE AND THE UNITED STATES, MAY ACT AS
INCORPORATORS TO FORM A SAVINGS INSTITUTION UNDER THE
PROVISIONS OF THIS SUBTITLE.

REVISOR'S NOTE: This section is new language derived
without substantive change from the first four
clauses of the first sentence of Art. 11,
§39(a).

The requirement that the incorporators be
adults is added to conform to the general