MARVIN MANDEL, Governor

2025

IN THIS ARTICLE, "CAPITAL STOCK" MEANS THE
AGGREGATE AMOUNT OF OUTSTANDING COMMON AND PREFERRED
STOCK.

REVISOR'S NOTE; This section is new language derived
without substantive change from the last
sentence of present Art. 11, §69.

The provisions of present §69 which relate to
preferred stock are included in §§6—121 and
6—142 of the Corporations and Associations
Article.

117. NONCONFORMING BUSINESS OR ASSETS.

IF A CONSTITUENT BANK HAS ASSETS OR ENGAGES IN
BUSINESS ACTIVITIES WHICH DO NOT CONFORM TO THE LAW
RELATING TO THE RESULTING BANK, THE COMMISSIONER MAY
ALLOW A REASONABLE PERIOD OF TIME FOR THE RESULTING BANK
TO CONFORM TO THE LAW.

REVISOR'S NOTE: This section is new language derived
without substantive change from Art. 11,
§117.

The provisions of present §117 which relate to
a national bank converting into a State bank
are included in §6-130 (e)(2) of the
Corporations and Associations Article.

135. APPLICABILITY OF CORPORATIONS AND ASSOCIATIONS
ARTICLE.

IN ADDITION TO THE PROVISIONS OF THIS ARTICLE, EVERY
CREDIT ONION HAS THE POWERS UNDER AND IS SUBJECT TO THE
PROVISIONS OF TITLE 6, SUBTITLE 3 OF THE CORPORATIONS AND
ASSOCIATIONS ARTICLE.

REVISOR'S NOTE: This section is new language added
as a cross-reference to the present sections
relating to credit unions which are now
contained in the Corporations and Associations
Article.

SECTION 4. AND BE IT FURTHER ENACTED, That new
Sections 159, 161B, 161C(a), 161M, and 16lFF(d) and (e)
be and they are hereby added to Article 23 — Corporations
of the Annotated Code of Maryland (1968 Replacement
Volume and 1974 Supplement), to read as follows:

Article 23 — Corporations

159. AFFECT OF CONVERSION INTO FEDERAL SAVINGS AND LOAN