HARRY HUGHES, Governor                                      4057

4-905.

(A) EXCEPT AS OTHERWISE PROVIDED IN THIS ARTICLE, A
SUBSIDIARY SAVINGS BANK HAS ALL OF THE GENERAL POWERS GRANTED TO
MARYLAND CORPORATIONS UNDER THE MARYLAND GENERAL CORPORATION LAW.

(B) EXCEPT AS OTHERWISE PROVIDED IN THIS ARTICLE, A
SUBSIDIARY SAVINGS BANK MAY EXERCISE ALL RIGHTS, POWERS, AND
PRIVILEGES AND SHALL BE SUBJECT TO ALL DUTIES AND OBLIGATIONS OF
A SAVINGS BANK UNDER THE LAWS OF THIS STATE.

(C) ANY REFERENCE TO SAVINGS BANK IN ANY OTHER LAW OF THIS
STATE SHALL BE APPLICABLE TO A SUBSIDIARY SAVINGS BANK.

(D) A SUBSIDIARY SAVINGS BANK SHALL BE SUBJECT TO ALL THE
PROVISIONS OF TITLE 3, SUBTITLE 3 OF THIS ARTICLE REGARDING ITS
STOCK.

4-906.

A SUBSIDIARY SAVINGS BANK MAY NOT DO BUSINESS UNTIL;

(1) THE SUBSIDIARY SAVINGS BANK RECEIVES FROM THE
BANK COMMISSIONER A CERTIFICATE OF AUTHORITY TO DO BUSINESS; AND

(2) THE REQUIRED CAPITAL STOCK AND THE REQUIRED
SURPLUS IS PAID IN FULL.

4-907.

(A) AFTER ITS ARTICLES OF INCORPORATION ARE FILED FOR
RECORD AND ITS REQUIRED CAPITAL STOCK AND SURPLUS ARE PAID IN
FULL, THE SUBSIDIARY SAVINGS BANK SHALL GIVE TO THE BANK
COMMISSIONER NOTICE THAT THE SUBSIDIARY SAVINGS BANK HAS COMPLIED
WITH ALL OF THE APPLICABLE PROVISIONS OF THIS SUBTITLE.

(B) THE BANK COMMISSIONER SHALL EXAMINE THE CONDITION OF
THE SUBSIDIARY SAVINGS BANK TO DETERMINE;

(1) THE NAME AND RESIDENCE OF EACH DIRECTOR;

(2) IF THE REQUIRED CAPITAL STOCK AND SURPLUS ARE
PAID IN FULL; AND

(3) IF THE SUBSIDIARY SAVINGS BANK HAS COMPLIED WITH
ALL OTHER APPLICABLE PROVISIONS OF THIS TITLE.

(C) IF, AFTER EXAMINATION, IT APPEARS THAT THE SUBSIDIARY
SAVINGS BANK LAWFULLY IS ENTITLED TO DO BUSINESS, THE BANK
COMMISSIONER SHALL ISSUE THE CERTIFICATE OF AUTHORITY TO DO
BUSINESS.

(D) (1) IF, AFTER EXAMINATION, IT APPEARS THAT THE REQUIRED
CAPITAL STOCK AND SURPLUS HAS NOT BEEN PAID IN FULL, THE BANK
COMMISSIONER MAY NOT ISSUE THE CERTIFICATE OF AUTHORITY TO DO
BUSINESS.