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LAWS OF MARYLAND

Ch. 33

Throughout this section, the term "national
banking association", which is defined in § 1-101
of this article, is substituted for "national
bank".

Subsections (e) and (g) of this section are
revised without substantive change to conform to
their counterparts in § 3-713 of this title.

In subsection (e) (2) of this section, the present
reference "{i}f the Commissioner approves the
articles" is deleted as unnecessary, given the
broad requirement of meeting "the requirements of
this title for incorporation of a commercial
bank", in subsection (b)(1) of this section. As
to the requirements for incorporation as a
commercial bank, see Subtitle 2 of this title.

The only other changes are in style.

As to subsection (a) of this section and the
referenced federal law, see 12 U.S.C. §§ 214a
through 214c.

As to subsection (c) of this section and
acknowledgments generally, see § 1—202 of this
article.

3-802. CONVERSION OF COMMERCIAL BANK INTO NATIONAL BANKING
ASSOCIATION.

(A)   GENERAL RULE.

ANY COMMERCIAL BANK MAY CONVERT INTO A NATIONAL BANKING
ASSOCIATION AS PROVIDED BY FEDERAL LAW.

(B)   NOTICE OF INTENT.

WHEN A COMMERCIAL BANK APPLIES TO THE COMPTROLLER OF
THE CURRENCY FOR CONVERSION INTO A NATIONAL BANKING
ASSOCIATION, IT SHALL FILE WITH THE BANK COMMISSIONER A
WRITTEN NOTICE OF ITS INTENT TO CONVERT.

(C)       EFFECT OF CONVERSION.

WHEN THE COMPTROLLER OF THE CURRENCY ISSUES A
CERTIFICATE OF AUTHORITY TO DO BUSINESS AS A NATIONAL
BANKING ASSOCIATION, THE CHARTER OF THE COMMERCIAL BANK
TERMINATES AND THE NEW NATIONAL BANKING ASSOCIATION SHALL:

(1) TAKE ALL PROPERTY OF THE COMMERCIAL BANK,
SUBJECT TO ALL OF ITS LIABILITIES THAT EXIST AT THE TIME OF
CONVERSION;

(2) NOTIFY THE BANK COMMISSIONER OF THE
CONVERSION AND THE TAKING OF PROPERTY; AND