MARVIN MANDEL, Governor

1787

additional items to improve organization.

The provision of present §57 which relates to
corporate status is included in §6—136(b) of
this subtitle. Note that although a trust.
company becomes a corporation on filing for
record, it may not commence business until the
Commissioner is satisfied that it complies
with the requirements of the subtitle. He may
refuse to issue a certificate of authority to
commence business. See §6—140(d) of this
subtitle.

In item (2) of this section, the provisions of
present §57(b) which generally describe the
authority of a fiscal and transfer agent are
deleted as unnecessary.

In item (3) of this section, the specific
authority to receive trust money is deleted as
unnecessary because of item (7) of this
section. The provision for receipt of
property from a "corporation" is deleted as
unnecessary because of the word "person" which
is defined in Title 1 of this article.

In item (5)(i) of this section, the provisions
for acquisition property necessary for the
"purposes of the corporation" are deleted as
repetitious of transaction of its business.

In item (6) of this section, the word
"person," which is defined in Title 1 of this
article, includes political subdivisions,
corporations, and married women. Therefore,
the provisions of present §57 (e) which relate
to municipal and corporate trusts and of
present §57(f), which relate to married women,
are deleted as unnecessary. Similarly, the
provisions of present §57(h) which relate to
trusts granted by courts and other persons are
deleted. However, those provisions which
relate to liability of the trust company are
retained in Art. 11 for eventual allocation to
the Business Regulation Article.

In item (13) of this section, the provision to
exercise powers "by its directors, duly
authorized officers or agents" is deleted as
superfluous. Also in item (13) (i) and (vi) of
this section, the references to "bills of
exchange" are deleted as unnecessary since
they are included in the word "draft." The
provisions of present §57 which relate to