MARVIN MANDEL, Governor

1759

6-115. ARTICLES OF INCORPORATION - FILING FOR RECORD AND
CORPORATE STATUS.

(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 STATE BANK 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
STATE BANK BECOMES A BODY CORPORATE.

REVISOR'S NOTE: This section is new language derived
without substantive change from the sixth and
seventh sentences of Art. 11, §30 and the
introductory language of Art. 11, §31.

In subsection (a)(1) of this section, the word
"county" is used as defined in Title 1 of this
article to include Baltimore City. The phrase
"clerk of the court" also is 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.

In subsection (b) of this section, the
reference in present §31 to "payment of the
bonus and other taxes" is deleted as
unnecessary in light of §1—201 of this
article.

The provisions of present §30 which relate      to

recordation of the articles by the

Commissioner are contained in §6—114(c)(3)      of

this subtitle. For an explanation of the

modification of the procedure, see the
revisor's note to that section.

6-116. POWERS IN GENERAL.

A STATE BANK HAS THE POWER TO: