HARRY HUGHES, Governor

259

added to clarify the order in which articles ace
filed for examination and for record. It is
patterned after the provisions of CA § 6-504(b),
as to articles of incorporation for a domestic
insurer.

4-205. CORPORATE STATUS; PERPETUAL EXISTENCE.

(A)   CORPORATE STATUS.

WHEN ARTICLES OF INCORPORATION ARE FILED FOR RECORD IN
ACCORDANCE WITH § 4-204 OF THIS SUBTITLE, THE SAVINGS BANK
BECOMES A BODY CORPORATE.

REVISOR'S NOTE: This subsection presently appears as CA
§ 6-105(b).

The only changes are in style.

(B)       PERPETUAL EXISTENCE.

NOTWITHSTANDING ANY CHARTER PROVISION OR PROVISION OF
LAW, EACH SAVINGS BANK HAS THE BIGHT TO PERPETUAL EXISTENCE
UNTIL FORFEITURE.

REVISOR'S NOTE: This subsection is new language derived
without substantive change from CA § 6-151, as it
relates to savings banks.

The provisions of present CA § 6-151, as they
relate to commercial banks, now appear in §
3-205(b) of this article.

4-206. GENERAL POWERS OF SAVINGS BANK.

(A)   GENERAL POWERS.

EXCEPT AS OTHERWISE PROVIDED IN THIS ARTICLE, A SAVINGS
BANK HAS ALL OF THE GENERAL POWERS GRANTED TO MARYLAND
CORPORATIONS UNDER THE MARYLAND GENERAL CORPORATION LAW.

(B)   SPECIFIC POWERS.

IN ADDITION TO THE POWERS SET FORTH ELSEWHERE IN THIS
ARTICLE, A SAVINGS BANK MAY:

(1) RECEIVE DEPOSITS OF MONEY FROM:

{I) ANY PERSON;

(II)   THE FEDERAL GOVERNMENT OR ITS
AGENCIES; AND

(III)   ANY STATE OR ITS POLITICAL
SUBDIVISIONS;

(2) PLEDGE COLLATERAL TO SECURE THE DEPOSITS OF: