HARRY HUGHES, Governor

177

LAW, EACH COMMERCIAL BANK HAS THE RIGHT TO PERPETUAL
EXISTENCE UNTIL FORFEITURE.

REVISOR'S NOTE: This subsection is new language derived
without substantive change from CA § 6-151, as
that section relates to commercial banks.

The provisions of present CA § 6-151, as they
relate to savings banks, now appear in § 4-205(b)
of this article.

3-206. GENERAL POWERS OF COMMERCIAL BANK.

(A)       GENERAL POWERS.

EXCEPT AS OTHERWISE PROVIDED IN THIS ARTICLE, A
COMMERCIAL BANK HAS ALL OF THE GENERAL POWERS GRANTED TO
MARYLAND CORPORATIONS UNDER THE MARYLAND GENERAL CORPORATION
LAW.

REVISOR'S NOTE: This subsection is new language added
as a reference to CA § 2-103, which enumerates
the general powers of a Maryland corporation.
Under § 1-201 of this article, the Maryland
General Corporation Law applies to commercial
banks, except as the provisions of this article
are inconsistent.

In light of this subsection, present CA §§
6-116(1) through (6) (i) and 6-137(13)(i) and (v),
which, respectively, list, as powers of a State
bank and trust company, certain general corporate
powers, are deleted as unnecessary.

(B)       SPECIFIC POWERS.

IN ADDITION TO THE POWERS SET FORTH ELSEWHERE IN THIS
ARTICLE, A COMMERCIAL BANK MAI:

(1)   RECEIVE DEPOSITS OF MONEY ON WHICH INTEREST
MAY BE PAID;

(2)   BOY AND SELL COIN AND BULLION;

(3)   BUY AND SELL FOREIGN AND DOMESTIC EXCHANGE;

(4)   SUBJECT TO § 3-604 OF THIS TITLE, ACCEPT
DRAFTS DRAWN ON IT;

(5)   ISSUE LETTERS OF CREDIT THAT AUTHORIZE THE
HOLDER TO DRAW DRAFTS ON IT OR ON ITS CORRESPONDENTS PAYABLE
AT SIGHT OR AT A TIME NOT EXCEEDING 1 YEAR;

(6)   ISSUE ITS DEBT INSTRUMENTS FOR MONEY THAT IS
BORROWED OR RECEIVED ON DEPOSIT OR FOR INVESTMENT;

(7) LEND MONEY ON PERSONAL SECURITY OR ON REAL