594

LAWS OF MARYLAND

Ch. 33

In revising this subtitle, the Commission to
Revise the Annotated Code substituted the defined
term "foreign bank" for the references to a
"foreign banking corporation". However, the
Commission notes that, as the provisions of
present Art. 11, §§ 31A (a), 31A(b), and 32 were
enacted separately, the General Assembly may have
intended to denote different entities by use of
the different terms. The Bank Commissioner
suggests that the term "foreign banking
corporation" means a foreign bank or any
corporation that is controlled by a foreign bank,
controls a foreign bank, or is controlled by
persons who control a foreign bank or foreign
bank holding company.

The General Assembly may wish to consider
clarifying legislation.

12-202.      RESERVED.

12-203.      RESERVED.

PART II.      HOLDING COMPANIES.

12-204.      HOLDING COMPANIES PROHIBITED.

A FOREIGN BANK OR AFFILIATED CORPORATION MAY NOT BECOME
A BANK HOLDING COMPANY.

REVISOR'S NOTE: This section is new language derived
without substantive change from the first
paragraph of Art. 11, § 31A(b).

The present phrase " {o}n and after July 1, 1971"
is deleted as obsolete and unnecessary, given the
use of the future tense "may not become".

The terms "foreign bank" and "affiliated
corporation" are defined in § 12-201 of this
subtitle.

12-205. RESERVED.

12-206. RESERVED.

PART III. OFFICES AND ELECTRONIC TERMINALS.

12-207. OFFICES AND ELECTRONIC TERMINALS RESTRICTED.

(A) GENERAL RULE.

A FOREIGN BANK BANKING CORPORATION MAY NOT HAVE AN
OFFICE OR AN ELECTRONIC "TERMINAL IN THIS STATE FOR ANY
PURPOSE UNLESS THE FOREIGN BANK BANKING CORPORATION OBTAINS
FROM THE BANK COMMISSIONER A PERMIT FOR THE OFFICE OR
TERMINAL.