1746

LAWS OF MARYLAND

[Ch. 311

corporation law and to the practice of the
Bank Commissioner's Office.

The term "savings institution" is defined in
§6-101(h) of this subtitle.

6-103. ARTICLES OF INCORPORATION - EXECUTION AND
CONTENTS.

(A)   EXECUTION.

THE INCORPORATORS SHALL SIGN AND ACKNOWLEDGE THREE
COPIES OF ARTICLES OF INCORPORATION.

(B)   CONTENTS.

THE ARTICLES OF INCORPORATION SHALL SPECIFY:

(1)    THE PURPOSE FOR WHICH THE SAVINGS
INSTITUTION IS FORMED;

(2)   THE NAME OF THE SAVINGS INSTITUTION;

(3)    THE MUNICIPAL AREA AND COUNTY WHERE THE
SAVINGS INSTITUTION IS TO BE LOCATED;

(4)   THE NAME, ADDRESS, AND STATE OF RESIDENCE
OF EACH MEMBER OF THE SAVINGS INSTITUTION;

(5)   THE NUMBER OF DIRECTORS;

(6)   THE NAME, ADDRESS, AND STATE OF RESIDENCE
OF EACH DIRECTOR WHO WILL SERVE FOR THE FIRST YEAR; AND

(7)   THE PROPOSED DATE FOR COMMENCEMENT OF
BUSINESS.

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

The phrase "articles of incorporation" is
substituted for "articles of association."
Throughout the present Art. 11 , savings
institutions are referred to as "corporations"
and, under present §39(a), now §6—105(b) of
this subtitle, when the articles are filed for
record, the proposed savings institution
becomes a body corporate. In Ballentine's Law
Dictionary, the phrase "articles of
association" is defined as an "agreement
entered into by and between the members on
forming an unincorporated association." In
Black's Law Dictionary, the terms are defined