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LAWS OF MARYLAND

Ch. 33

reference to collateral "authorized and permitted
by this article" is deleted as unnecessary.

In subsections (c) (2) and (d) (2) of this section,
the present references to "executive committee"
of the board are deleted as unnecessary in light
of the Maryland General Corporation law. See CA
§ 2-411, as to the general power of a board of
directors to appoint an executive or other
committee and delegate certain powers to that
committee.

Subsection (c)(2)(iii)2. of this section is new
language substituted for the reference "public
stock of the United States or the State of
Maryland, or Baltimore City, or the bonds of any
county or municipal corporation of this State",
for clarity and for conformity to other similar
provisions elsewhere in this article.

Also in subsection (c) (2) (iii)2. of this section,
the somewhat broader term "political subdivision"
— which, as defined in § 1-101 of this article,
includes a special taxing district — is
substituted for the reference to "any county or
municipal corporation".

The fourth sentence of present Art. 11, § 77 —
which prohibits a commercial bank from using a
cash item as part of any reserve required by this
section — is deleted as ineffective in practice.

As to subsection (b) of this section and the
power of a commercial bank to secure deposits of
public funds, see § 3—206 of this article.

As to member banks of the Federal Reserve System
and the authority of the Board of Governors of
the System to define terms such as "demand
deposit" and "time deposit" for purposes of their
reserves, see 12 U.S.C. § 221 and § 461 et seq.,
respectively.

SUBTITLE 7. CONSOLIDATIONS, MERGERS, AND TRANSFERS OF
ASSETS.

PART I. IN GENERAL

3-701. DEFINITIONS.

(A) IN GENERAL.

IN THIS SUBTITLE THE FOLLOWING WORDS HAVE THE MEANINGS
INDICATED.

REVISOR'S NOTE: This subsection is new language derived
without substantive change from the introductory