Ch. 326                                    1996 LAWS OF MARYLAND

(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.

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

3-212.

(a)     After its articles of incorporation are filed for record and its required capital
stock and surplus are paid in full, the commercial bank shall give to the [Bank]
Commissioner:

(1)     Notice that the commercial bank has complied with all of the applicable
provisions of this title; and

(2)     A certified list of all of its stockholders, including their names and
residence addresses and the number of shares of capital stock for which each paid.

(b)     The [Bank] Commissioner shall examine the condition of the commercial
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 commercial bank has complied with all other applicable provisions
of this title.

(c)     If, after examination, it appears that the commercial 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 have not been paid in full, the [Bank] Commissioner may not issue the certificate
of authority to do business.

(2) If, after examination, the [Bank] Commissioner has reason to believe
that the stockholders formed the commercial bank for any purpose other than legitimate
business under this article, the [ Bank] Commissioner, with the advice and consent of the
Secretary of LABOR, Licensing, and Regulation, may withhold the certificate.

3-213.

(d) After an amendment is approved by the stockholders:

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