HARRY HUGHES, Governor

2799

to be Section 3-709 through 3-713, respectively
Annotated Code of Maryland

(As enacted by Chapter ____ (H.B. 1) of the Acts

of the General Assembly of 1980)

SECTION J . BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland

(as enacted by Chapter ____ (H.B. 1) of the Acts of the

General Assembly of 1980) be repealed, amended, or enacted
to read as follows:

Article - Financial Institutions

3-202.

(b) The articles of incorporation shall include:

(5) The municipal area and county where the
PRINCIPAL BANKING OFFICE OF THE State bank or trust company
is to be located;

3-209.

(a) (1) Before the Bank Commissioner issues a
certificate to do business, the [authorized] REQUIRED
capital stock and the required surplus shall be paid in
full.

(2)  A State bank shall have [authorized]
REQUIRED capital stock that equals at least:

(i) $25,000, if it is in a municipal area
with not more than 15,000 inhabitants;

(ii) $75,000, if it is in a municipal area
with more 15,000 and not more than 50,000 inhabitants;

(iii) $100,000, if it is in a municipal
area with more than 50,000 and not more than 150,000
inhabitants; and

(iv) $500,000, if it is in a municipal
area with more than 150,000 inhabitants.

(3)  A State bank shall have a surplus in an
amount that equals at least 20 percent of its [authorized]
REQUIRED capital stock.

(b) (1) Before a State bank establishes a branch, the
State bank shall have capital STOCK and surplus as provided
in this subsection

(2) For a branch that is to be located inside
the municipal area of the principal banking office of the
State bank, the State bank shall have capital STOCK and
surplus that equal at least the amounts required by
subsection (a) of this section.