1758

LAWS OF MARYLAND

[Ch. 311

(3) NEW BRANCH APPLICATIONS - $500.

REVISOR'S NOTE: This section is new language derived
without substantive change from Art. 11, §30.

In the introductory language of subsection (a)
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 a trust company, presently Art. 11, §54,
as amended by Ch. 39, Acts of 1974, now
contained in §6—135 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 advisability of
allowing a proposed State bank 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 State bank.

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 State bank becomes a
corporation on filing for record, it may not
commence business until the Commissioner is
satisfied that it complies with the
requirements of the subtitle. He may refuse
to issue a certificate. See §6-119(d) of this
subtitle.

The provisions of present §30 which relate to
the filing for record of the articles and the
corporate status of the State bank are
included in §6-115 of this subtitle.