MARVIN MANDEL, Governor

176 1

(VII) SUBJECT TO THE PROVISIONS OF ART. 11,
§31(B) AND THE RULES AND REGULATIONS ADOPTED BY THE
COMMISSIONER, BECOMING OWNER AND LESSOR OF PERSONAL
PROPERTY, EXCEPT A LEASEHOLD INTEREST IN REAL ESTATE,
WHICH PERSONAL PROPERTY IS ACQUIRED ON THE SPECIFIC
REQUEST OF AND FOR THE USE OF A CUSTOMER; AND

(VIII) LENDING MONEY ON PERSONAL SECURITY OR
REAL OR PERSONAL PROPERTY;

(7)   DEPOSIT SECURITIES TO SECURE:

(I)   DEPOSITS OF THE FEDERAL GOVERNMENT AND ITS
AGENCIES, THE STATE, ITS UNITS, INCLUDING THE STATE
TREASURER AND STATE COMPTROLLER, AND ITS POLITICAL
SUBDIVISIONS; OR

(II)   THE SURETY ON BONDS PROVIDED TO SECURE
THESE DEPOSITS; AND

(8)    PLEDGE SECURITIES TO SECURE THE MONEY OF AN
ESTATE ADMINISTERED UNDER THE FEDERAL BANKRUPTCY LAWS.

REVISOR'S NOTE: This section is new language derived
without substantive change from Art. 11, §31.

The provision of present §31 which relates to
corporate status is included in §6—115(b) of
this subtitle. Note that 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 this subtitle. He
may refuse to issue a certificate of authority
to commence business. See §6—119(d) of this
subtitle.

In items (2) and (3) of this section, the
language is modified slightly to conform with
§2—103 of this article, which enumerates the
powers of corporations in general.

In item (4) of this section, the express
authority to fill vacancies is deleted as
redundant since it is included in the
authority to appoint or elect persons.

In item (6) of this section, the provision to
exercise powers "by its directors, duly
authorized officers or agents" is deleted as
superfluous. Also in item (6)(i) and (v) of
this section, the references to "bills of
exchange" are deleted as unnecessary since
they are included in the word "draft." The