PARRIS N. GLENDENING, Governor                             Ch. 326

(d) The [Bank] Commissioner may approve the intended dissolution only if the
[Bank] Commissioner determines that the commercial bank is solvent.

4-203.

(a)     The incorporators shall:

(1)     File with the [Bank] Commissioner for examination the two copies of
the articles of incorporation; and

(2)     Pay to the [Bank] Commissioner an examination fee of $1,500.

(b)     The [ Bank] Commissioner shall investigate and determine if:

(1)     The articles are framed in accordance with law;

(2)     The character, responsibility, and general fitness of the incorporators
and directors named in the articles command confidence and warrant belief that the
business of the proposed savings bank will be conducted honestly and efficiently, in
accordance with the intent of this article; and

(3)     Allowing the proposed savings bank to engage in business:
(i) Will promote public convenience and advantage; and
(ii) Is expedient and desirable.

(c)     After the investigation, the [ Bank] Commissioner may require any change in
the articles of incorporation that the [ Bank] Commissioner considers necessary.

(d)     (1) Within 6 months after the articles are filed for examination, the [Bank]
Commissioner, with the approval of the Banking Board, shall sign, date, and endorse each
copy as "approved" or "refused".

(2)     If formation of the savings bank is refused, the [Bank] Commissioner
shall return one of the endorsed copies of the articles to the incorporators.

(3)     If formation of the savings bank is approved, the [Bank] Commissioner
shall:

(i) Return one of the endorsed copies of the articles to the
incorporators; and

(ii) Keep and record one of the endorsed copies.
4-204.

(a)     If the [Bank] Commissioner approves the articles of incorporation, the
incorporators shall file for record one of the endorsed copies of the articles with the State
Department of Assessments and Taxation.

(b)     Articles of incorporation that are filed for record are not effective unless the
[Bank] Commissioner has endorsed the articles as approved.

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