WILLIAM DONALD SCHAEFER, Governor                         Ch. 487

TO A TRUST DEPARTMENT OF A STATE CHARTERED TRUST COMPANY THAT IS IN
THE BUSINESS OF ACCEPTING DEPOSITS OR RETAINING FUNDS IN A DEPOSIT
ACCOUNT AS DEFINED IN § 5-509 OF THIS ARTICLE.

3-209.

(a) (1) Before the Bank Commissioner issues a certificate to do business, the
required capital stock and the required surplus shall be paid in full.

(2) A commercial bank shall have required capital stock that equals at least:

(i) $750,000, if it is in a municipal area with not more than 50,000
inhabitants;

(ii) $1.5 million, if it is in a municipal area with more than 50,000
inhabitants; and

(iii) Notwithstanding the municipal area in which the commercial bank
is located, [the lowest minimum amount of capital required under this subsection,] if the
bank is not in the business of accepting deposits or retaining funds in a deposit account as
defined in § 5-509 of this article[.]:

1. THE LOWEST MINIMUM AMOUNT OF CAPITAL REQUIRED
UNDER THIS SUBSECTION IF THE BANK IS CONTROLLED BY OR IS UNDER COMMON
CONTROL WITH A BANKING INSTITUTION OR A NATIONAL BANKING ASSOCIATION
WITH IT PRINCIPAL OFFICE LOCATED IN THIS STATE; OR

2. $5 MILLION IF THE BANK IS NOT CONTROLLED BY OR
UNDER COMMON CONTROL WITH A BANKING INSTITUTION OR A NATIONAL
BANKING ASSOCIATION WITH ITS PRINCIPAL OFFICE LOCATED IN THIS STATE.

(3) A commercial bank shall have a surplus in an amount that equals at least
20 percent of its required capital stock.

SECTION 2. AND BE IT FURTHER ENACTED, That the changes in
capitalization requirements made in this Act do not apply to any commercial bank that
has been issued a certificate of authority to do business under § 3-208 of the Financial
Institutions Article prior to March 1, 1993.

SECTION 3. 2. AND BE IT FURTHER ENACTED, That this Act shall take
effect June 1, 1993.

Approved May 27, 1993.

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