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LAWS OF MARYLAND

Ch. 33

of assets", as defined in § 3-701 of this
subtitle. See revisor's note to § 3-702 of this
subtitle.

Subsection (b)(3) of this section is new language
added to clarify that the appraisers give this
notice. This change conforms to the similar
requirements of the Maryland General Corporation

Law.

Subsection (d)(2) of this section is new language
added to distinguish more clearly between the
effect of a reappraisal under subsection (c) of
this section and an appraisal under subsection
(d) of this section.

The only other changes are in style.

See also revisor's note to § 3—718 of this
subtitle.

3-721. AMOUNT DUE IS DEBT OF SUCCESSOR.

ANY AMOUNT DUE TO AN OBJECTING STOCKHOLDER UNDER THIS
PART II IS A DEBT OF THE SUCCESSOR.

REVISOR'S NOTE: This section presently appears as the
last sentence of Art. 11, § 113(e).

The only changes are in style.

SUBTITLE 8. CONVERSIONS AND VOLUNTARY DISSOLUTIONS.

3-801. CONVERSION OF NATIONAL BANKING ASSOCIATION INTO
COMMERCIAL BANK.

(A)       GENERAL RULE.

A NATIONAL BANKING ASSOCIATION THAT IS LOCATED IN THIS
STATE MAY CONVERT INTO A COMMERCIAL BANK AS PROVIDED BY
FEDERAL LAW AND THIS SECTION.

(B)       STATE REQUIREMENTS IN GENERAL.

(1)       THE NATIONAL BANKING ASSOCIATION SHALL MEET
THE REQUIREMENTS OF THIS TITLE FOR INCORPORATION OF A
COMMERCIAL BANK.

(2)       THE PROCEDURES FOR INCORPORATION MAY BE
MODIFIED AS REQUIRED BY THE DIFFERENCE BETWEEN INCORPORATION
AND CONVERSION.

(C)       ARTICLES OF INCORPORATION.

THE CONSENTING STOCKHOLDERS OF THE NATIONAL BANKING
ASSOCIATION SHALL SIGN, ACKNOWLEDGE, AND FILE ARTICLES OF
INCORPORATION. THE ARTICLES SHALL STATE THAT THE CONVERSION