2024

LAWS OF MARYLAND

[Ch. 311

THE UNIMPAIRED CAPITAL AND SURPLUS OF THE TRUST COMPANY;
AND

(3) THE AGGREGATE INVESTMENT IN ALL PROPERTY
SO LEASED BY THE TRUST COMPANY DOES NOT EXCEED 100
PERCENT OF ITS UNIMPAIRED CAPITAL AND SURPLUS.

(C) RESTRICTION OF ISSUANCE OF BILLS.

A TRUST COMPANY DOES NOT HAVE THE RIGHT TO ISSUE
BILLS TO CIRCULATE AS MONEY.

REVISOR'S NOTE: This section is new language derived
without substantive change from the eighth,
ninth, and eleventh clauses of present Art.
11, §57(j).

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

The other provisions of present § 57 are
included in § 6—137 of the Corporations and
Associations Article.

61. APPLICATION OF CODE; PROVISO AS TO EXISTING
COMPANIES.

EVERY TRUST COMPANY INCORPORATED UNDER THE LAWS OF
THE STATE HAS THE POWERS AND IS SUBJECT TO THE PROVISIONS
OF THIS ARTICLE AND TITLE 6, SUBTITLE 1 OF THE
CORPORATIONS AND ASSOCIATIONS ARTICLE. HOWEVER, EXCEPT
AS PROVIDED IN §6-138(B) OF THE CORPORATIONS AND
ASSOCIATIONS ARTICLE, THE PROVISIONS OF THIS ARTICLE AND
THE CORPORATIONS AND ASSOCIATIONS ARTICLE DO NOT REPEAL,
MODIFY, OR AFFECT ANY SPECIAL RIGHT, PRIVILEGE, OR POWER
CONFERRED BY CHARTER ON A TRUST COMPANY WHICH WAS
ORGANIZED AND DOING BUSINESS BEFORE APRIL 8, 19 10.

REVISOR'S NOTE: This section is new language derived
without substantive change from present Art.
11, §61.

The definition of "articles of association" is
deleted as unnecessary in light of the use of
the broad term "charter." . In this regard, see
§§1—101 and 6—132 of the Corporations and
Associations Article.

The other provisions of present § 61 are
included in §6—132 of the Corporations and
Associations Article.

69. MEANING OF "CAPITAL STOCK."