4374                                  LAWS OF MARYLAND                                Ch. 812

RETAINING DEPOSITS IF THE DEPOSITS DO NOT REMAIN IN A
DEPOSIT ACCOUNT OF THE INSTITUTION FOR MORE THAN TWO
CONSECUTIVE BANKING DAYS. ANY INSTITUTION WHICH IS NOT IN
THE BUSINESS OF ACCEPTING DEPOSITS OR RETAINING FUNDS IN A
DEPOSIT ACCOUNT AS DEFINED IN THIS SECTION SHALL NOT BE
BOUND BY THE PROVISIONS OF SECTION 5-403(c)(2) OF THIS
ARTICLE.

(b) If approved by a majority of its directors, a
banking institution may:

(1)  Become and participate as a member of the
Federal Reserve System; or

(2)  Withdraw from the system.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1982.

Approved June 1, 1982.

CHAPTER 813

(Senate Bill 725)

AN ACT concerning

Taxes - Recording and Transfer - Certain Dissolutions
and Liquidations

FOR the purpose of imposing recordation and transfer taxes
on certain dissolutions and liquidations; and providing
for the determination of "consideration" in certain
transactions.

BY adding to

Article 81 - Revenue and Taxes

Section 277B

Annotated Code of Maryland

(1980 Replacement Volume and 1981 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
read(s) as follows:

Article 81 - Revenue and Taxes

277B.