HARRY HUGHES, Governor

257

The terms "county" and "municipal area" are
defined in § 1-101 of this article.

Present CA § 6-103(b)(7), which requires a
proposed date for commencement of business, is
deleted as obsolete.

4-203. SAME — FILING FOR EXAMINATION AND APPROVAL.

(A)       FILING WITH BANK COMMISSIONER; FEE.
THE INCORPORATORS SHALL:

(1)       FILE WITH THE BANK COMMISSIONER FOR
EXAMINATION THE TWO THREE COPIES OF THE ARTICLES OF
INCORPORATION; AND

(2)       PAY TO THE BANK COMMISSIONER AN EXAMINATION
FEE OF $1,500.

(B)       INVESTIGATION BY BANK COMMISSIONER.

THE BANK COMMISSIONER SHALL INVESTIGATE AND DETERMINE
IF:

(1)   THE ARTICLES ARE FRAMED IN ACCORDANCE WITH
LAW;

(2)   THE CHARACTER, RESPONSIBILITY, AND GENERAL
FITNESS OF THE INCORPORATORS AND DIRECTORS NAMED IN THE
ARTICLES COMMAND CONFIDENCE AND WARRANT BELIEF THAT THE
BUSINESS OF THE PROPOSED SAVINGS BANK WILL BE CONDUCTED
HONESTLY AND EFFICIENTLY, IN ACCORDANCE WITH THE INTENT OF
THIS ARTICLE; AND

(3)   ALLOWING THE PROPOSED SAVINGS BANK TO ENGAGE
IN BUSINESS:

(I)   WILL PROMOTE PUBLIC CONVENIENCE AND
ADVANTAGE; AND

(II)   IS EXPEDIENT AND DESIRABLE.

(C)   CHANGES IN ARTICLES.

AFTER THE INVESTIGATION, THE BANK COMMISSIONER MAY
REQUIRE ANY CHANGE IN THE ARTICLES OF INCORPORATION THAT THE
BANK COMMISSIONER CONSIDERS NECESSARY.

(D)   ENDORSEMENT AND RETURN OF ARTICLES.

(1)   WITHIN 6 MONTHS AFTER THE ARTICLES ARE FILED
FOR EXAMINATION, THE BANK COMMISSIONER SHALL SIGN, DATE, AND
ENDORSE EACH COPY AS "APPROVED" OR "REFUSED".

(2)   IF FORMATION OF THE SAVINGS BANK IS REFUSED,
THE BANK COMMISSIONER SHALL RETURN ONE OF THE ENDORSED