718

LAWS OF MARYLAND

Ch. 33

provisions — some of which are over 130 years old —
regulate the issuance of "currency" and "circulation notes"
— i.e., money. For many years, the issuance and
circulation of legal tender has been precluded by federal
law. See 31 U.S.C. §§ 392 and 444; see also present Art.
29, § 1 — now Art. 95, § 36 of the Maryland Code, which
provides, inter alia, that the "currency of this State" is
"{t}he species of coin which have been and which may be
struck off at the mint of the United States". Indeed, the
"tax on bank circulation" referred to in present Art. 11, §
37 — 26 U.S.C. § 4881 et seq. — was itself repealed by the
Tax Reform Act of 1976, since: "The Comptroller of the
Currency has stated that any act taxable under these
provisions is also illegal under other provisions of Federal
law...." House Report No. 94-658, 1976 U.S. Code Cong. 6
Ad. News 3303. In the unlikely event that the federal law
ever is repealed or modified, more modern regulation than
that appearing in the deleted sections would be appropriate.

The Commission also deleted present Art. 11, § 104.
That section, which provides for service of process against
a banking institution, is unnecessary in light of CA §§
1-102 and 1-401, which provide, respectively, for general
application of the Corporations and Associations Article to
every Maryland corporation and for service of process on a
Maryland corporation. See also § 1—102 of this article.

Present Art. 41, §§ 476 through 482, which provide for
an advisory panel on electronic funds transfer systems, are
deleted as obsolete since the panel's existence terminated
December 1, 1978 by operation of law.

SECTION 3. AND BE IT FURTHER ENACTED, That Section(s)
1 and 2 of Article 29 - Currency, of the Annotated Code of
Maryland be and they are hereby transferred to be
Sections(s) 36 and 37 of Article 95 - Treasurer, of the
Annotated Code of Maryland, to be under the new subtitle
"Currency".

SECTION 4. AND BE IT FURTHER ENACTED, That Section(s)
25(h) through (1), respectively, of Article 1 - Rules of
Interpretation, of the Annotated Code of Maryland be
renumbered to be Section(s) 25(i) through (k), respectively.

SECTION 5. AND BE IT FURTHER ENACTED, That section(s)
of the Annotated Code of Maryland be repealed, amended, or
enacted to read as follows:

Article 1 — Rules of Interpretation

25.

(H) FINANCIAL INSTITUTIONS ARTICLE.

A SECTION OF THE FINANCIAL INSTITUTIONS ARTICLE MAY BE
CITED AS: __ OF THE FINANCIAL INSTITUTIONS ARTICLE."