HARRY HUGHES, Governor

181

The term "commercial bank" is defined in § 1-101
of this article.

3-209. MINIMUM CAPITAL REQUIREMENTS — STATE BANKS.

(A)   GENERAL RULE.

(1)       BEFORE THE BANK COMMISSIONER ISSUES A
CERTIFICATE TO DO BUSINESS, THE AUTHORIZED CAPITAL STOCK AND
THE REQUIRED SURPLUS SHALL BE PAID IN FULL.

(2)       A STATE BANK SHALL HAVE AUTHORIZED CAPITAL
STOCK THAT EQUALS AT LEAST:

(I)       $25,000, IF IT IS IN A MUNICIPAL AREA
WITH NOT MORE THAN 15,000 INHABITANTS;

(II)       $75,000, IF IT IS IN A MUNICIPAL AREA
WITH MORE THAN 15,000 AND NOT MORE THAN 50,000 INHABITANTS;

(III)       $100,000, IF IT IS IN A MUNICIPAL
AREA WITH MORE THAN 50,000 AND NOT MORE THAN 150,000
INHABITANTS; AND

(IT) $500,000, IF IT IS IN A MUNICIPAL
AREA WITH MORE THAN 150,000 INHABITANTS.

(3)       A STATE BANK SHALL HAVE A SURPLUS IN AN
AMOUNT THAT EQUALS AT LEAST 20 PERCENT OF ITS AUTHORIZED
CAPITAL STOCK.

(B)   BRANCHES.

(1)   BEFORE A STATE BANK ESTABLISHES A BRANCH,
THE STATE BANK SHALL HAVE CAPITAL AND SURPLUS AS PROVIDED IN
THIS SUBSECTION.

(2)   FOR A BRANCH THAT IS TO BE LOCATED INSIDE
THE MUNICIPAL AREA OF THE PRINCIPAL BANKING OFFICE OF THE
STATE BANK, THE STATE BANK SHALL HAVE CAPITAL AND SURPLUS
THAT EQUAL AT LEAST THE AMOUNTS REQUIRED BY SUBSECTION (A)
OF THIS SECTION.

(3)   FOR A BRANCH THAT IS TO BE LOCATED OUTSIDE
THE MUNICIPAL AREA OF THE PRINCIPAL BANKING OFFICE OF THE
STATE BANK, THE STATE BANK SHALL HAVE CAPITAL AND SURPLUS
THAT EQUAL AT LEAST THE SUM OF:

(I)   THE AMOUNT REQUIRED BY SUBSECTION (A)
OF THIS SECTION; AND

(II)   THE AMOUNT THAT WOULD BE REQUIRED FOR
THE SEPARATE INCORPORATION OF THE BRANCH.

(C)   DEBT INSTRUMENTS.

UNLESS OTHERWISE PROVIDED BY LAW, THE CAPITAL STRUCTURE