MARVIN MANDEL, Governor

1801

(B) NOTICE BEFORE LIQUIDATION.

(1)    IF THE STOCKHOLDERS OF A TRUST COMPANY
VOTE TO LIQUIDATE, ITS BOARD OF DIRECTORS SHALL GIVE TO
THE COMMISSIONER NOTICE OF THE INTENDED LIQUIDATION,
CERTIFIED UNDER THE CORPORATE SEAL BY THE PRESIDENT OF
THE TRUST COMPANY AND BY ITS CASHIER OR TREASURER.

(2)    THE BOARD OF DIRECTORS ALSO SHALL GIVE
NOTICE TO CREDITORS TO PRESENT ANY CLAIM AGAINST THE
TRUST COMPANY. THE NOTICE SHALL BE PUBLISHED ONCE EACH
WEEK FOR EIGHT CONSECUTIVE WEEKS IN A NEWSPAPER [[OF
GENERAL CIRCULATION]] PUBLISHED IN THE COUNTY WHERE THE
TRUST COMPANY IS LOCATED.

REVISOR'S NOTE: This section is derived without
substantive change from Art. 11, §76 as it
relates to trust companies.

Subsection (b) of this section is modified to
conform the publication requirements to the
more modern provisions for publication
throughout the Code and, to the extent
possible, to conform the publication
requirement for all banking institutions under
this subtitle.

The provisions of present §76 as they relate
to State banks appear in §6—131 of this
subtitle.

PART V. GENERAL PROVISIONS FOR BANKING INSTITUTIONS.

6-151. PERPETUAL EXISTENCE.

NOTWITHSTANDING ANY CHARTER PROVISION OR PROVISION
OF LAW, EVERY BANKING INSTITUTION HAS THE RIGHT TO
PERPETUAL EXISTENCE UNTIL FORFEITURE.

REVISOR'S NOTE: This section is new language derived
without substantive change from Art. 11, §64.

The tern "perpetual existence" is substituted
for "perpetual succession" for conformity with
§2-103(1) of this article.

The reference to a banking institution
"heretofore or hereafter organized under the
laws of this State" is deleted as unnecessary
in light of the definition of "banking
institution" in §6—101(b) of this subtitle.

The provision of present §64 which relates to
banking institutions for which the designated