MARVIN MANDEL, Governor

1755

6-112. FORMATION IN GENERAL.

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

REVISOR'S NOTE: This section is new language derived
without substantive change from the first
sentence of Art. 11, §28.

The requirement that the incorporators be
adults is added to conform to the general
corporation law and to the practice of the
Bank Commissioners's Office.

The provisions of present   Â§ 28 which relate to

the minimum amount of capital stock for a

State bank are included     in §6—117 of this
subtitle.

The last sentence of Art. 11, §28 defines the
word "bank" to include "savings institutions
having a capital stock." This definition is
deleted as obsolete because present §40(a),
now §6—106 of this subtitle, prohibits
formation of a savings institution with
capital stock, and there are no longer any
savings institutions with capital stock
existing under the "grandfather clause"
exception to that prohibition.

For an explanation of the use of the term
"State bank," see the revisor's note to
§6-101(i) of this subtitle.

6-113.        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)   THAT THE INCORPORATORS ARE ASSOCIATING TO
FORM A STATE BANK UNDER THE PROVISIONS OF THIS SUBTITLE;

(2)   THE NAME OF THE STATE BANK;

(3)    THE MUNICIPAL AREA AND COUNTY WHERE THE