1766

LAWS OF MARYLAND

[Ch. 311

for record, it may not commence business
without a certificate. See the revisor's note
to §6-114 of this subtitle.

In the introductory language of subsection (b)
of this section, the phrase "filed for record"
is substituted for "filed with the Bank
Commissioner" to distinguish the filing of
articles for examination by the Commissioner
under §6—114 of this subtitle.

In subsection (b)(1) of this section, the
express provision for notice of payment for
its capital stock is deleted as unnecessary in
light of the provisions of subsection (c)(2)
of this section and because a notice that the
State bank complied with "all" provisions of
the subtitle necessarily includes receipt of
its requisite capital.

The Commission notes that in subsection (d) of
this section, the advice and consent of the
Secretary of Licensing and Regulation is
required although it is not required with
respect to any other banking institution. See
§6—104 of this subtitle with respect to
savings institutions and §6—135 of this
subtitle, with respect to trust companies.
Furthermore, the Commissioner may certify a
State bank without the advice and consent of
the Secretary. Clarifying legislation may be
appropriate.

6-120. CAPITAL STOCK IN GENERAL.

(A)       ORIGINAL SUBSCRIPTION.

A SUBSCRIPTION FOR THE ORIGINAL CAPITAL STOCK OF A
STATE BANK SHALL CONFORM, TO THE EXTENT APPLICABLE, TO
THE GENERAL CORPORATION LAW RELATING TO SUBSCRIPTIONS FOR
STOCK.

REVISOR'S NOTE: This subsection is new language
derived without substantive change from Art.
11, §32.

The referenced provisions of the general
corporation law appear, generally, in Title 2,
Subtitle 2 of this article and, particularly,
in §2-202 of that title.

(B) SHARES.

THE CAPITAL STOCK SHALL BE DIVIDED INTO SHARES WITH