HARRY HUGHES, Governor

253

(3) FILE WITH THE BANK COMMISSIONER A COPY OF
THE CERTIFICATE OF AUTHORITY ISSUED BY THE COMPTROLLER OF
THE CURRENCY.

(D) FILING OF CERTIFICATE.

THE BANK COMMISSIONER SHALL FILE A COPY OF THE
CERTIFICATE OF AUTHORITY WITH THE STATE DEPARTMENT OF
ASSESSMENTS AND TAXATION.

REVISOR'S NOTE: This section presently appears as CA §
6-129.

Although present CA § 6-129 literally applies
only to the conversion of a State bank, the law
from which that section was derived — Art. 11,
§§ 35 and 116(a) — appears to have been intended
to apply to trust companies, as well. Therefore,
this section is revised to refer to the
conversion of a "commercial bank", as defined in
§ 1-101 of this article.

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

Subsection (d) of this section is new language
added to provide a mechanism for updating the
appropriate records of the Department of
Assessments and Taxation.

The only other changes are in style.

3-803. VOLUNTARY DISSOLUTION — IN GENERAL.

(A)   GENERAL RULE.

A COMMERCIAL BANK MAY DISSOLVE VOLUNTARILY, IF THE
STOCKHOLDERS OF THE COMMERCIAL BANK AND THE BANK
COMMISSIONER APPROVE THE DISSOLUTION AS PROVIDED IN THIS
SECTION.

(B)   APPROVAL BY STOCKHOLDERS.

A PROPOSED VOLUNTARY DISSOLUTION SHALL BE APPROVED BY
THE AFFIRMATIVE VOTE OF THE STOCKHOLDERS OF THE COMMERCIAL
BANK WHO OWN TWO THIRDS OF ITS CAPITAL STOCK.

(C) NOTICES BEFORE DISSOLUTION.

(1) AFTER A PROPOSED VOLUNTARY DISSOLUTION IS
APPROVED BY THE STOCKHOLDERS, THE BOARD OF DIRECTORS OF THE
COMMERCIAL BANK SHALL GIVE THE FOLLOWING NOTICES.

(2) THE BOARD SHALL GIVE WRITTEN NOTICE TO THE
BANK COMMISSIONER OF THE INTENDED DISSOLUTION. THIS NOTICE