HARRY HUGHES, Governor

2339

FOR the purpose of altering the procedures for incorporation
of a banking institution by reducing the number of
copies of articles of incorporation that are signed,
acknowledged, and filed for examination and that are
returned if formation is approved and by eliminating
the requirement that a copy be filed for record with a
certain clerk of court; altering the procedures for
incorporation of a credit union by reducing the number
of copies of articles of incorporation and bylaws
signed, acknowledged, and filed for examination and
that are returned if formation is approved; clarifying
that the copies of the bylaws are signed, as well as
acknowledged; and generally relating to the documents
required to incorporate these financial institutions.

BY repealing and reenacting, with amendments,

Article - Financial Institutions

Section 3-202(a), 3-203(a) and (d)(3), 3-204(a),
4-202(a), 4-203(a) and (d)(3), 4-204(a),
6-202(a), 6-203(a), and 6-204(a) and (d)(3)

Annotated Code of Maryland

(As enacted by Chapter ____ (H.B. 1) of the Acts

of the General Assembly of 1980)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland

(as enacted by Chapter ____ (H.B. 1) of the Acts of the

General Assembly of 1980) be repealed, amended, or enacted
to read as follows:

Article - Financial Institutions

3-202.

(a) The incorporators shall sign and acknowledge
[three] TWO copies of articles of incorporation.

3-203.

(a) The incorporators shall:

(1)  File with the Bank Commissioner for
examination the [three] TWO copies of the articles of
incorporation; and

(2)  Pay to the Bank Commissioner an examination
fee of $1,500.

(d) (3) If formation of the commercial bank is
approved, the Bank Commissioner shall:

(i) Return [two] ONE of the endorsed
copies of the articles to the incorporators; and

(ii) Keep and record one of the endorsed
copies.