MARVIN MANDEL, Governor

1777

(1)    TAKE ALL ASSETS OF THE STATE BANK,
SUBJECT TO ALL OF ITS LIABILITIES WHICH EXIST AT THE TIME
OF CONVERSION;

(2)   NOTIFY THE COMMISSIONER OF THE CONVERSION
AND THE TAKING OF ASSETS; AND

(3)   FILE WITH THE COMMISSIONER A COPY OF ITS
CERTIFICATE, CERTIFIED BY THE COMPTROLLER OF THE
CURRENCY.

REVISOR'S NOTE: This section is new language derived
without substantive change from Art. 11, §§
35 and 116(a).

The first clause of Art. 11, § 116 is deleted
as unnecessary in light of subsection (a) of
this section.

6—130. CONVERSION OF NATIONAL BANK INTO STATE BANK.

(A)   GENERAL RULE.

A NATIONAL BANK LOCATED IN THE STATE MAY CONVERT
INTO A STATE BANK AS PROVIDED BY FEDERAL LAW AND THIS
SECTION.

(B)   STATE REQUIREMENTS IN GENERAL.

(1)    THE NATIONAL BANK SHALL SATISFY THE
REQUIREMENTS FOR INCORPORATION AS A STATE BANK UNDER THIS
SUBTITLE.

(2)   THE PROCEDURES FOR INCORPORATION MAY BE
MODIFIED AS REQUIRED BY THE DIFFERENCE BETWEEN
INCORPORATION AND CONVERSION.

(C) ARTICLES OF INCORPORATION.

THE CONSENTING STOCKHOLDERS OF THE NATIONAL BANK
SHALL SIGN AND ACKNOWLEDGE ARTICLES OF INCORPORATION AS
REQUIRED BY THIS SUBTITLE. THE ARTICLES SHALL RECITE THE
WRITTEN CONSENT TO THE CONVERSION AS REQUIRED OF THE
STOCKHOLDERS UNDER FEDERAL LAW.

(D) CASH PAYMENT FOR STOCK.

THE REQUIREMENT FOR CASH PAYMENT FOR STOCK MAY BE
SATISFIED BY EXCHANGING SHARES OF THE CONVERTED STATE
BANK FOR THOSE OF THE NATIONAL BANK VALUED AT NOT MORE
THAN FAIR CASH MARKET VALUE.

(E) APPROVAL.