Ch. 326

1996 LAWS OF MARYLAND

3-801.

(g) If a national banking association has assets or engages in business activities
that do not conform to the law governing commercial banks, the [Bank] Commissioner
OF FINANCIAL REGULATION may allow a reasonable time for the new commercial
bank to conform to that law.

3-802.

(a)     Any commercial bank may convert into a national banking association as
provided by federal law.

(b)     When a commercial bank applies to the Comptroller of the Currency for
conversion into a national banking association, it shall file with the [Bank]
Commissioner a written notice of its intent to convert.

(c)     When the Comptroller of the Currency issues a certificate of authority to do
business as a national banking association, the charter of the commercial bank terminates
and the new national banking association shall:

(1)     Take all property of the commercial bank, subject to all of its liabilities
that exist at the time of conversion;

(2)     Notify the [Bank] Commissioner of the conversion and the taking of
property; and

(3)     File with the [Bank] Commissioner a copy of the certificate of authority
issued by the Comptroller of the Currency.

(d)     The [Bank] Commissioner shall file a copy of the certificate of authority with
the State Department of Assessments and Taxation.

3-803.

(a)     A commercial bank may dissolve voluntarily, if the stockholders of the
commercial bank and the [Bank] Commissioner approve the dissolution as provided in
this section.

(b)     A proposed voluntary dissolution shall be approved by the affirmative vote of
the stockholders of the commercial bank who own two thirds of its capital stock.

(c)     (1) After a proposed voluntary dissolution is approved by the stockholders,
the board of directors of the commercial bank shall give the following notices.

(2)     The board shall give written notice to the [Bank] Commissioner of the
intended dissolution. This notice shall be certified under the corporate seal of the
commercial bank by its president and by its cashier or treasurer.

(3)     The board also shall give notice to creditors of the commercial bank to
present for payment any claim against it. This notice shall be published once each week
for 8 consecutive weeks in a newspaper published in the county where the commercial
bank has its principal banking office.

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