HARRY HUGHES, Governor

591

DUTY IMPOSED ON THE CORPORATION BY THIS SECTION.

(2) IN AN ACTION BROUGHT UNDER THIS SUBSECTION,
A BANK SERVICE CORPORATION THAT CLAIMS THE BENEFIT OF THE
EXCEPTION PROVIDED BY SUBSECTION (C)(1) OF THIS SECTION HAS
THE BURDEN OF PROVING THAT THESE COMPARABLE BANK SERVICES
ARE AVAILABLE TO THE APPLICANT.

REVISOR'S NOTE. This section is new language derived
without substantive change from Art. 11, §
62A(c).

In the introductory clause of subsection (a) of
this section, the term "banking institution",
which is defined in § 1—101 of this article, is
substituted for the reference to "a bank ...
subject to examination by the Commissioner".

Subsection (d) (1) of this section is added to
state expressly what now only is implied by the
present reference to "any action or proceeding to
enforce the duty imposed by this section, or for
damages for the breach thereof": i.e., that a
banking institution may bring an action for a
mandatory injunction or for damages under this
section.

In subsection (b) (2) of this section, the present
reference to "reasonable cost of the capital
provided to the corporation by its stockholders"
is retained. The Commission to Revise the
Annotated Code notes that this provision may
refer to (1) a reasonable return for the capital
investment or (2) compensation of the
stockholders for the cost of the capital
invested. The General Assembly may wish to
clarify this provision.

As to subsection (d)(2) of this section, present
Art. 11, § 62A(c) provides that "the burden shall
be upon the bank service corporation to show such
availability", apparently referring to what is
now subsection (c) (1) of this section; the
revision reflects this limited reference.
However, the General Assembly might consider
whether the intent was not to place the same
burden on a bank service corporation that claims
the benefit of the alternative exception provided
by subsection (c) (2) of this section, the facts
relative to which are uniquely within its
knowledge.

GENERAL REVISOR'S NOTE:

As to the possible termination of the powers and duties
of the Bank Commissioner under this subtitle, see § 2-401 of
this article.