262                                              LAWS OF MARYLAND                                       Ch. 33

unnecessary in light of the authority under
subsection (b)(5) of this section to rent these
vaults and boxes.

As to withdrawal of deposits, see § 4-601 of this
title.

As to prohibited loans, see § 4—602 of this
title.

4-207. CERTIFICATION BEFORE BEGINNING BUSINESS.

A SAVINGS BANK MAY NOT DO BUSINESS UNTIL IT RECEIVES
FROM THE BANK COMMISSIONER A CERTIFICATE OF AUTHORITY TO DO
BUSINESS.

REVISOR'S NOTE: This section presently appears as the
first sentence of CA § 6-108.

The present phrase "under his official seal and
signature" is deleted as unnecessary.

The only other changes are in style.

The Commission to Revise the Annotated Code notes
that, under § 3-212 of this article, the Bank
Commissioner does not issue a certificate to do
business for a commercial bank until it gives
notice of compliance with this article and
undergoes examination. With the advice of the
Secretary of Licensing and Regulation, the Bank
Commissioner may withhold the certificate. The
General Assembly may wish to add similar
provisions as to savings banks.

The balance of present CA § 6—108, which requires
a savings bank to have its initial guaranty fund
to receive a certificate to do business, now
appears in § 4-208(a) of this subtitle.

4-208. INITIAL GUARANTY FUND REQUIREMENTS.

(A)   INITIAL GUARANTY FUND.

BEFORE THE BANK COMMISSIONER ISSUES A CERTIFICATE TO DO
BUSINESS, A SAVINGS BANK SHALL HAVE AN INITIAL GUARANTY FUND
THAT EQUALS AT LEAST:

(1)   THE MINIMUM AMOUNT OF CAPITAL STOCK REQUIRED
FOR FORMATION OF A STATE BANK IN THE SAME MUNICIPAL AREA;
AND

(2)   ANY GREATER AMOUNT THAT THE BANK
COMMISSIONER DETERMINES IS NECESSARY TO KEEP THE SAVINGS
BANK SOLVENT.

(B) SAME --BRANCHES.