MARVIN MANDEL, Governor                           1749

of this section, the requirement that the
investigation of the Commissioner be "as he
may deem necessary" is deleted as unnecessary
and to conform with the comparable provisions
for trust companies, presently art. 11, §54 as
amended by Ch. 39, Acts of 1974, which now are
contained in §6—135 (a) of this subtitle.

In subsection (a) (2) of this section, the word
"incorporators" is substituted for the phrase
"person or persons, named in such certificate"
to avoid the obsolete reference to the term
"certificate."

In subsection (a)(3) of this section, the
provision for determining the desirability of
allowing a proposed savings institution to
"continue" in business is deleted as
unnecessary in light of the reference to
"engage in" and as inconsistent with the
concept of creating a new savings institution.

Subsection (c)(3) of this section has been
modified to require the retention for record
of one endorsed copy of the articles. This
conforms with actual practice and saves the
needless requirement that the incorporators
separately file for record a copy with the
Commissioner after his approval.

The present reference to issuance of a
certificate by the Commissioner is deleted as
Misleading since issuance of a certificate of
authority to commence business is not
automatic on the filing for record of the
articles. Although a savings institution
becomes a corporation on filing for record, it
may not commence business until the
Commissioner is satisfied that it complies
with the requirements of this subtitle.

The provisions of present §39(a) which relate
to the filing for record of the articles and
the corporate status of the savings
institution are included in §6-105 of this
subtitle.

For an explanation of the use of the phrase
"articles of incorporation," see the revisor's
note to §6—103 of this subtitle.

6-105. ARTICLES OF INCORPORATION - FILING FOR RECORD AND
CORPORATE STATUS.