1790

LAWS OF MARYLAND

[Ch. 311

In subsection (b)(2) (i), (ii) , and (iii) of
this section, the phrase "not more than" is
substituted for "less than" and "up to" to
correct a gap which occurs in a municipal area
with a population of exactly 15,000, exactly
50,000, or exactly 150,000 inhabitants.

In subsection (c) of this section, the term
"debt instruments" which is defined in
§6-101(e) of this subtitle, is substituted for
"capital notes, debentures, bonds, or
certificates of beneficial interests."

Present §70 specifically refers to the minimum
capital stock requirements of present §53. It
is unclear whether "capital structure" refers
solely to capital stock or whether it includes
both capital stock and surplus. An exception
to the inclusion of capital notes, debentures,
bonds, and certificates of beneficial interest
as part of the trust company's capital
structure appears in §6—148(b) of this
subtitle, which provides for ownership of
capital stock by a director.

The provisions of present §53 which relate to
formation of the trust company and the
contents of the articles are included,
respectively, in §§6-133 and 6-134 of this
subtitle.

The provisions which authorize establishment
of a branch appear in Art. 11, §65.

The word "inhabitants" is defined in §6—101(f)
of this subtitle.

6-139. CAPITAL PAYMENTS BEFORE COMMENCEMENT OF BUSINESS.

(A)   FULL PAYMENT REQUIRED.

A TRUST COMPANY MAY NOT COMMENCE BUSINESS UNTIL THE
CAPITAL STOCK FOR WHICH ITS CHARTER PROVIDES AND THE
REQUIRED SURPLUS ARE FULLY PAID.

(B)   FORM OF PAYMENT.

EXCEPT AS THE LAW PROVIDES OTHERWISE, PAYMENT SHALL
BE IN MONEY AND MAY NOT BE IN NOTES, SECURITIES, OR
PROPERTY.

REVISOR'S NOTE: This section is new language derived
without substantive change from the last
clause of the second paragraph of Art. 11,