MARVIN MANDEL, Governor

1791

§53.

Exceptions to the form of payment for capital
stock appear in Art. 11, §§14 and 16.

6-140. EXAMINATION AND CERTIFICATION.

(A)   CERTIFICATE REQUIRED.

A TRUST COMPANY MAY NOT COMMENCE BUSINESS UNTIL IT
RECEIVES FROM THE COMMISSIONER HIS CERTIFICATE OF
AUTHORITY TO COMMENCE BUSINESS.

(B)   NOTIFICATION.

AFTER THE ARTICLES OF INCORPORATION ARE FILED FOR
RECORD, THE TRUST COMPANY SHALL GIVE TO THE COMMISSIONER
A CERTIFIED LIST OF ALL BONA FIDE STOCKHOLDERS OF
SUBSCRIBERS WHICH INCLUDES THEIR NAMES AND RESIDENT
ADDRESSES AND THE ACTUAL NUMBER OF SHARES OF STOCK
SUBSCRIBED TO AND PAID FOR,

(C)   EXAMINATION.

THE COMMISSIONER SHALL EXAMINE THE TRUST COMPANY TO
DETERMINE IF ITS MINIMUM CAPITAL STOCK IS FULLY PAID.

(D)   CERTIFICATION,

AFTER EXAMINATION, IF IT APPEARS THAT THE CAPITAL
STOCK HAS NOT BEEN PAID FOR AS REQUIRED, THE COMMISSIONER
MAY NOT ISSUE A CERTIFICATE OF AUTHORITY TO COMMENCE
BUSINESS.

REVISOR'S NOTE: This section is new language derived
without substantive change from Art. 11, §56.

Subsection (a) of this section clarifies that,
although a trust company becomes a corporation
when its Articles of Incorporation are filed
for record, it may not commence business
without a certificate. See the revisor's note
to §6—135 of this subtitle.

In subsection (b) of this section, the phrase
"after the articles of incorporation are filed
for record" is substituted for "previous to
this time" to clarify the time for submission
and to conform with the procedures for
examinations of State banks in §6—119 of this
subtitle.

6-141. CAPITAL STOCK IN GENERAL.