MARVIN MANDEL, Governor

1765

stock appear in Art. 11, §§ 14 and 16.
6-119. EXAMINATION AND CERTIFICATION.

(A)   CERTIFICATE REQUIRED.

A STATE BANK MAY NOT COMMENCE BUSINESS UNTIL IT
RECEIVES FROM THE COMMISSIONER HIS CERTIFICATE OF
AUTHORITY TO COMMENCE BUSINESS.

(B)   NOTIFICATION.

AFTER ITS ARTICLES OF INCORPORATION ARE FILED FOR
RECORD, THE STATE BANK SHALL GIVE TO THE COMMISSIONER:

(1)       NOTICE THAT IT HAS COMPLIED WITH ALL THE
PROVISIONS OF THIS SUBTITLE; AND

(2)         A CERTIFIED LIST OF ALL BONA FIDE STOCKHOLDERS
OR SUBSCRIBERS WHICH INCLUDES THEIR NAMES AND RESIDENT
ADDRESSES AND THE ACTUAL NUMBER OF SHARES SUBSCRIBED TO
AND PAID FOR.

(C)   EXAMINATION.

THE COMMISSIONER SHALL EXAMINE THE CONDITION OF THE
STATE BANK TO DETERMINE:

(1)   THE NAME AND RESIDENCE OF EACH DIRECTOR;

(2)   IF THE MINIMUM CAPITAL STOCK IS FULLY PAID; AND

(3)    IF THE STATE BANK HAS COMPLIED WITH ALL OTHER
PROVISIONS OF THIS SUBTITLE.

(D)   CERTIFICATION.

AFTER EXAMINATION, IF IT APPEARS THAT THE STATE BANK
LAWFULLY IS ENTITLED TO COMMENCE BUSINESS, THE
COMMISSIONER SHALL ISSUE UNDER HIS OFFICIAL SIGNATURE AND
SEAL A CERTIFICATE OF AUTHORITY TO COMMENCE BUSINESS,
HOWEVER, IF THE COMMISSIONER HAS REASON TO BELIEVE THAT
THE STOCKHOLDERS FORMED THE STATE BANK FOR ANY PURPOSE
OTHER THAN LEGITIMATE BUSINESS UNDER THIS SUBTITLE, THEN,
WITH THE ADVICE AND CONSENT OF THE SECRETARY OF LICENSING
AND REGULATION, THE COMMISSIONER MAY WITHHOLD HIS
CERTIFICATE.

REVISOR'S NOTE: This section is new language derived
without substantive change from Art. 11, §33.

Subsection (a) of this section clarifies that
although a State bank becomes a body corporate
when its articles of incorporation are filed