HARRY HUGHES, Governor

265

DIRECTORS:

(1)   THE PRESIDENT OF THE SAVINGS BANK AND EITHER
ITS CASHIER OR TREASURER SHALL CERTIFY THE AMENDMENT; AND

(2)   THE AMENDMENT SHALL BE SIGNED, FILED WITH
THE BANK COMMISSIONER FOR EXAMINATION, AND, IF APPROVED BY
THE BANK COMMISSIONER, FILED FOR RECORD AS REQUIRED FOR
ARTICLES OF INCORPORATION.

(D) FILING FEE.

ON FILING THE AMENDMENT FOR EXAMINATION, THE SAVINGS
BANK SHALL PAY TO THE BANK COMMISSIONER AN EXAMINATION FEE
OF $20.

REVISOR'S NOTE: Subsections (a), (b), and (c) of this
section presently appear as CA § 6—155, as it
applies to savings banks.

Subsection (d) of this section is new language
derived without substantive change from CA §
6-104(d)(2).

The only changes are in style.

The provisions of CA § 6—155, as they relate to
commercial banks, now appear in § 3—213 of this
article.

GENERAL REVISOR'S NOTE:

In revising this subtitle, the Commission to Revise the
Annotated Code deleted present Art. 11, § 52 and CA § 6-157
as obsolete. Ch. 311, Acts of 1975, which enacted the
Corporations and Associations Article, added these sections
solely to cross reference the provisions for banking
institutions that were retained in Art. 11 and that were
recodified in the corporations and Associations Article.
The recodification of these CA and Art. 11 provisions in
this article makes the cross references unnecessary.

SUBTITLE 3. GUARANTY FUND.

4-301. GUARANTY FUND.

(A) LIMITATIONS ON CERTIFICATE PAYMENTS.

IF A SAVINGS BANK HAS A GUARANTY FUND THAT IS LESS THAN
5 PERCENT OF ITS TOTAL DEPOSITS, THE SAVINGS BANK:

(1)   MAY NOT MAKE ANY PAYMENT ON THE PRINCIPAL OF
THE TRANSFERABLE DEFERRED PAYMENT CERTIFICATES THAT EVIDENCE
PAYMENTS TO THE INITIAL GUARANTY FUND; AND

(2)   MAY NOT PAY INTEREST ON THE CERTIFICATES
UNLESS THE BANK COMMISSIONER APPROVES THE PAYMENT AND THE