902

LAWS OF MARYLAND

Ch. 11

reference to "a trust company ... incorporated under
the laws of this State and doing business therein".

Item (2) of this subsection clarifies that the former
words "bank or banks" encompassed an institution
incorporated under federal law as a bank. Item (2) of
this subsection is based on the specific duty, under
the fourth sentence of former Art. 95, § 21A(d), to
report to the Comptroller of the Currency "in the case
of a national bank".

Item (3) of this subsection also is based on the
former words "bank or banks" and on the provisions of
the fourth sentence of former Art. 95, § 21A(d) that
required reports "to the State Bank Commissioner in
the case of a State banking institution". Since the
title "Bank Commissioner" corresponds to the
regulatory official of this State and the term
"banking institution" frequently is used to denote an
institution incorporated under the laws of this State,
the fourth sentence of former Art. 95, § 21A(d) could
be read as referring only to an institution in this
State. However, the fourth sentence of former Art.
95, § 21A(c)(l), which applied to custodians of
collateral, referred to the "appropriate State Bank
Commissioner in the State in which ... the banking
institution is domiciled" and, thus, suggested that
the former references to the "State Bank Commissioner"
and a "banking institution" were not limited to the
officer and institutions in this State. Those former
references did suggest, however, that the institution
is to be incorporated within the United States and,
therefore, item (3) of this subsection refers to
incorporation under the laws of a "state".

Item (4) of this subsection is based on the former
references to "building" and "savings" and loan
associations incorporated under federal or State law.
Since, throughout Titles 8 through 10 of the Financial
Institutions Article, the term "savings and loan
association" is used as a generic term that
encompasses institutions formerly referred to as a
"building" or "homestead" association and other
similar types of associations, in this subtitle,
former references to "building and loan" associations
are deleted.

Defined terms: "Banking institution" § 6-201
"National banking association" § 6-201
"State" § 1-101

(F) NATIONAL BANKING ASSOCIATION.

"NATIONAL BANKING ASSOCIATION" MEANS AN INSTITUTION THAT IS
INCORPORATED UNDER FEDERAL LAW AS A BANK.