2022

LAWS OF MARYLAND

[Ch. 311

clause of the sixth item of present Art. 11,
§31.

In subsection (a) of this section, the present
references to "bills of exchange" are deleted
as unnecessary in light of the word "draft."

In subsection (a)(2) (ii) of this section, the
words "which exceeds" is substituted for "not
exceeding" to correct an error in the law and
to conform with the comparable provisions of
Art. 11, §57 which relate to acceptance of
drafts by trust companies.

The other provisions of present §31 are
included in §6—116 of the Corporations and
Associations Article.

38. SAVINGS DEPARTMENT PERMITTED.

THE PROVISIONS OF THIS ARTICLE AND OF TITLE 6,
SUBTITLE 1 OF THE CORPORATIONS AND ASSOCIATIONS ARTICLE
DO NOT PREVENT A STATE BANK FROM CONDUCTING A SAVINGS
DEPARTMENT.

38A. APPLICABILITY OF CORPORATIONS AND ASSOCIATIONS
ARTICLE.

IN ADDITION TO THE PROVISIONS OF THIS ARTICLE, EVERY
STATE BANK HAS THE POWERS UNDER AND IS SUBJECT TO THE
PROVISIONS OF TITLE 6, SUBTITLE 1 OF THE CORPORATIONS AND
ASSOCIATIONS ARTICLE.

REVISOR'S NOTE: This section is new language added
as a cross—reference to the present Art. 11
sections relating to State banks which are now
contained in the Corporations and Associations
Article.

52. APPLICABILITY OF CODE.

THE PROVISIONS OF §§ 40 THROUGH 51 OF THIS ARTICLE
AND TITLE 6, SUBTITLE 1, PART II OF THE CORPORATIONS AND
ASSOCIATIONS ARTICLE APPLY TO EVERY SAVINGS INSTITUTION,
AS DEFINED IN §6-101 OF THE CORPORATIONS AND ASSOCIATIONS
ARTICLE.

REVISOR'S NOTE: This section is new language derived
without substantive change from present Art.
11, § 52.

The other provisions of present § 52 are
included in §6—101(h) of the Corporations and
Associations Article.