1750

LAWS OF MARYLAND

[Ch. 311

(A)   FILING FOR RECORD.

IF THE COMMISSIONER APPROVES THE ARTICLES OF
INCORPORATION, THE INCORPORATORS SHALL FILE FOR RECORD
ONE ENDORSED COPY WITH EACH OF THE FOLLOWING:

(1)   THE CLERK OF THE COURT FOR THE COUNTY
WHERE THE SAVINGS INSTITUTION IS TO BE LOCATED; AND

(2)   THE DEPARTMENT.

(B)   CORPORATE STATUS.

WHEN ARTICLES OF INCORPORATION ARE FILED FOR RECORD
IN ACCORDANCE WITH SUBSECTION (A) OF THIS SECTION, THE
SAVINGS INSTITUTION BECOMES A BODY CORPORATE.

REVISOR'S NOTE: Subsection (a) of this section is
new language derived without substantive
change from the eighth sentence of Art. 11,
§39(a).

Subsection (b) of this section is new language
derived from the ninth sentence of Art. 11,
§39(a) and conforms with the provisions of
§6—115(b) of this subtitle which relate to the
effect of filing for record articles of
incorporation for a State bank.

In subsection (a)(1) of this section, the
words "county" and "clerk of the court" are
used as defined in Title 1 of this article.

In subsection (a) (2) of this section, the word
"Department" is substituted for "State Tax
Commission." Under the provisions of Art. 81,
§247A, the Department of Assessments and
Taxation assumed the functions and duties of
the Commission.

The provisions of present §39(a) which relate
to recordation of the articles by the
Commissioner are contained in §6—101(c) (3) of
this subtitle. For an explanation of the
modification of the procedure, see the
revisor's note to that section.

6-106. CAPITAL STOCK PROHIBITED.

A SAVINGS INSTITUTION IS A MUTUAL ASSOCIATION AND
MAY NOT HAVE ANY CAPITAL STOCK.

REVISOR'S NOTE: This section is new language derived
without substantive change from Art. 11,