1762

LAWS OF MARYLAND

[Ch. 311

provisions of present §31 which relate to
acceptance of drafts are retained in Art. 11
for eventual allocation to the Business
Regulation Article.

In item (6) (vi) of this section, the phrase
"or its correspondents" is substituted for
"for its correspondents" to conform with the
original enactment, Ch. 33, Acts of 1918, and
to correct an apparent typographical error.

In item (7) of this section, the word "unit"
is substituted for "departments and agencies."
Those terns are avoided due to their
substantive meaning. The word "unit" is used
as general nomenclature with a broad and
nondescript connotation which is intended.

The provisions of present §31 which relate to
acquisition of property are retained there for
eventual allocation to the Business Regulation
Article.

The Commission believes that substantive
amendment of the procedures by which a State
bank amends its charter to obtain the powers
of a trust company may be appropriate. See 39
Opinion of Attorney General 98 and §6—137 of
this subtitle.

For additional provisions which relate to
powers of a State bank, see §6—157 of this
subtitle.

6-117. MINIMUM CAPITAL REQUIREMENTS.

(A) GENERAL RULE.

(1) A STATE BANK SHALL HAVE A MINIMUM CAPITAL
STOCK OF:

(I)    $25,000, IF THE STATE BANK IS LOCATED IN
A MUNICIPAL AREA WITH NOT MORE THAN 15,000 INHABITANTS;

(II)   $75,000, IF THE STATE BANK IS LOCATED IN
A MUNICIPAL AREA WITH MORE THAN 15,000 AND NOT MORE THAN
50,000 INHABITANTS;

(III)    $100,000, IF THE STATE BANK IS LOCATED
IN A MUNICIPAL AREA WITH MORE THAN 50,000 AND NOT MORE
THAN 150,000 INHABITANTS; AND

(IV) $500,000, IF THE STATE BANK IS LOCATED
IN A MUNICIPAL AREA WITH MORE THAN 150,000 INHABITANTS.