184

LAWS OF MARYLAND

Ch. 33

As to the examination before issuance of the
certificate, see § 3—212 of this subtitle.

3-211. CAPITAL PAYMENTS BEFORE BEGINNING BUSINESS.

EXCEPT AS OTHERWISE PROVIDED BY LAW, PAYMENT FOR
CAPITAL STOCK AND SURPLUS SHALL BE IN MONEY AND MAY NOT BE
IN NOTES, SECURITIES, OR PROPERTY.

REVISOR'S NOTE: This section is new language that
combines without substantive change the identical
provisions of CA §§ 6-118(b) and 6-139(b).

3-212. EXAMINATION BEFORE CERTIFICATION.

(A)   NOTIFICATION.

AFTER ITS ARTICLES OF INCORPORATION ARE FILED FOR
RECORD AND ITS AUTHORIZED CAPITAL STOCK AND SURPLUS ARE PAID
IN FULL, THE COMMERCIAL BANK SHALL GIVE TO THE BANK
COMMISSIONER:

(1)   NOTICE THAT THE COMMERCIAL BANK HAS COMPLIED
WITH ALL OF THE APPLICABLE PROVISIONS OF THIS TITLE; AND

(2)   A CERTIFIED LIST OF ALL OF ITS STOCKHOLDERS,
INCLUDING THEIR NAMES AND RESIDENCE ADDRESSES AND THE NUMBER
OF SHARES OF CAPITAL STOCK FOR WHICH EACH PAID.

(B)   EXAMINATION.

THE BANK COMMISSIONER SHALL EXAMINE THE CONDITION OF
THE COMMERCIAL BANK TO DETERMINE:

(1)   THE NAME AND RESIDENCE OF EACH DIRECTOR;

(2)   IF THE AUTHORIZED CAPITAL STOCK AND SURPLUS
ARE PAID IN FULL, AS REQUIRED; AND

(3)   IF THE COMMERCIAL BANK HAS COMPLIED WITH ALL
OTHER APPLICABLE PROVISIONS OF THIS TITLE.

(C)   CERTIFICATION.

IF, AFTER EXAMINATION, IT APPEARS THAT THE COMMERCIAL
BANK LAWFULLY IS ENTITLED TO DO BUSINESS, THE BANK
COMMISSIONER SHALL ISSUE THE CERTIFICATE OF AUTHORITY TO DO
BUSINESS.

(D)   REFUSAL TO CERTIFY.

(1) IF, AFTER EXAMINATION, IT APPEARS THAT THE
REQUIRED CAPITAL STOCK AND SURPLUS HAS NOT BEEN PAID IN
FULL, THE BANK COMMISSIONER MAY NOT ISSUE THE CERTIFICATE OF
AUTHORITY TO DO BUSINESS.