1778

LAWS OF MARYLAND

[Ch. 311

(1)    IF THE COMMISSIONER APPROVES THE
ARTICLES, THE NATIONAL BANK IS CONVERTED UNDER THIS
ARTICLE AND ITS ASSETS ARE VESTED IN THE CONVERTED STATE
BANK, SUBJECT TO EVERY LIABILITY OF THE NATIONAL BANK
WHICH IS NOT LIQUIDATED BEFORE THE CONVERSION.

(2)   IF A NATIONAL BANK HAS ASSETS OR ENGAGES
IN BUSINESS ACTIVITIES WHICH DO NOT CONFORM TO THE LAW
RELATING TO STATE BANKS, THE COMMISSIONER MAY ALLOW A
REASONABLE PERIOD OF TIME FOR THE CONVERTED STATE BANK TO
CONFORM TO LAW.

(F) AUTHORITY; REFERENCES.

(1)     THE CONVERTED STATE BANK SHALL BE
CONSIDERED THE SAME BUSINESS AND CORPORATE ENTITY AS THE
NATIONAL BANK WITH ALL ITS RIGHTS, POWERS, AND DUTIES
EXCEPT AS ARTICLE 11, §115(A) OF THE CODE AND THE CHARTER
AND BYLAWS OF THE CONVERTED STATE BANK PROVIDE OTHERWISE.

(2)   ANY REFERENCE IN ANY WRITING TO THE
NATIONAL BANK MEANS THE CONVERTED STATE BANK, WHETHER THE
WRITING IS EXECUTED OR TAKES EFFECT BEFORE OR AFTER
CONVERSION, UNLESS THAT CONSTRUCTION IS INCONSISTENT WITH
OTHER PROVISIONS OF THE WRITING.

(3)   A CONVERTED STATE BANK MAY USE THE NAME
OF THE NATIONAL BANK WHEN THE USE OF THE NAME FACILITATES
ANY ACT.

REVISOR'S NOTE: This section is new language derived
without substantive change from Art. 11, §§
36, 116, and 117.

The provisions of present §36 which specify
the procedure for conversion by a national
bank are deleted as unnecessary since these
procedures are regulated by the federal law.
See Title 12, §§214a through 214c of the
United States Code Annotated.

The provisions of present §117 which relate to
a compliance with the law by a constituent
bank are retained in Art. 11, §117 together
with §§109 through 115 which relate to
mergers.

In subsection (c) of this section, the word
"sign" is substituted for "execute" to conform
with § 6-113 of this subtitle. For the
general provisions relating to
acknowledgments, see Title 1, Subtitle 3 of
this article.