MARVIN MANDEL, Governor

1783

REVISOR'S NOTE: This section is new language derived
without substantive change from Art. 11, § 54.

In subsection (a) (2) of this section, the word
"incorporators" is substituted for the phrase
"person or persons, named in the certificate,"
to avoid the obsolete reference to the term
"certificate."

In subsection (a) (3) of this section, the

provision for determining the advisibility of

allowing the proposed trust company to

"continue" in business is deleted as

unnecessary in light of the reference to

"engage in" and as inconsistent with the
concept of creating a new trust company.

Subsection (c) (3) of this section has been
modified to require retention for record of
one endorsed copy of the articles. This
conforms with actual practice and saves the
needless requirement that the incorporators
separately file for record a copy with the
Commissioner after his approval.

The present reference to issuance of a
certificate by the Commissioner is deleted as
misleading since issuance of a certificate of
authority to commence business is not
automatic on the filing for record of the
articles. Although a trust company becomes a
corporation on the filing for record, it may
not commence business until the Commissioner
is satisfied that it complies with the
requirements' of this subtitle. He may refuse
to issue a certificate. See §6—140(d) of this
subtitle.

The provisions of present §54 which relate to
preparation and acknowledgment of the articles
are included in §6—134(a) of this subtitle.

The provisions of present § 54 which relate to
the filing for record of the articles and the
corporate status of the trust company are
included in §6-136 of this subtitle.

Art. 11, §55, which provides for examination
of the article and reiection or acceptance as
"filed for examination," is deleted as
unnecessary in light of subsections (a)(1) and
(b) of this section and to conform with the
comparable provisions for savings
institutions, now §6—104 of this subtitle, and