256

LAWS OF MARYLAND

Ch. 33

(2)       A STATEMENT THAT EACH INCORPORATOR IS 18
YEARS OLD OR OLDER AND A CITIZEN OF THIS STATE AND THE
UNITED STATES;

(3)       A STATEMENT THAT THE INCORPORATORS ARE
ASSOCIATING TO FORM A SAVINGS BANK UNDER THIS SUBTITLE;

(4)       THE NAME OF THE SAVINGS BANK, WHICH MAY NOT
BE SIMILAR IN ANY MATERIAL RESPECT TO THE NAME OF ANY OTHER
BANK OR TRUST COMPANY IN THIS STATE;

(5)       THE MUNICIPAL AREA AND COUNTY WHERE THE
SAVINGS BANK IS TO BE LOCATED;

(6)       THE NAME AND RESIDENCE ADDRESS OF EACH
MEMBER; AND

(7)       THE NUMBER OF DIRECTORS AND THE NAMES AND
RESIDENCE ADDRESSES OF THOSE WHO WILL SERVE UNTIL THEIR
SUCCESSORS ARE ELECTED AND QUALIFY.

REVISOR'S NOTE: This section is new language derived
without substantive change from CA § 6-103.

Subsection (b) (1) and (2) of this section is new
language added to adopt the similar requirements
of the Maryland General Corporation Law in CA §
2—104(a)(1) and to reflect the citizenship and
age requirements of § 1—201 of this subtitle.

Subsection (b)(3) of this section is new language
substituted for present CA § 6—103 (b) (1), which
requires a statement of the "purpose for which
the savings institution is formed". This change
conforms to the requirements for commercial banks
in § 3-202 of this article.

In subsection (b)(4) of this section, the
prohibition against materially similar names is
net language added to conform to the limitation
on names of commercial banks in § 3—202 of this
article.

In subsection (b) (6) and (7) of this section, the
phrase "residence address{es}" is substituted for
references to "address" and "state of residence"
for clarity. The term "address" is defined in §
1-101 of this article.

Subsection (b)(7) of this section combines
present CA § 6—103(b)(5) and (6). Reference to
the election and qualification of successors is
substituted for the reference to directors
serving "for the first year", to conform to the
similar requirements of the Maryland General
Corporation Law in CA § 2-104(a)(8).