Ch. 664                                    1996 LAWS OF MARYLAND

Chapter 636 of the Acts of 1995

SECTION 4. AND BE IT FURTHER ENACTED, That this Act shall take effect
July 1, 1995. It shall remain effective for a period of [22 months] 4 YEARS and, at the
end of [April 30, 1997] JUNE 30, 1999, with no further action required by the General
Assembly, this Act shall be abrogated and of no further force and effect.

SECTION 4. AND BE IT FURTHER ENACTED, That this Act shall take effect
July 1, 1996.

Approved May 23, 1996.

CHAPTER 664
(House Bill 1377)

AN ACT concerning

Banking Institutions - Investments in Real Property and Furnishings

FOR the purpose of repealing a certain limitation on the Bank Commissioner's discretion
to authorize certain investments by banking institutions; and generally relating to
investments by banking institutions in real property and furnishings.

BY repealing and reenacting, with amendments,
Article - Financial Institutions
Section 5-503

Annotated Code of Maryland
(1992 Replacement Volume and 1995 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Financial Institutions

5-503.

(a)     A banking institution may buy and hold real property only as provided in this
section.

(b)     (1) Subject to the limitations in paragraph (3) of this subsection, a banking
institution may buy or hold any real property that is necessary for the convenient
transaction of its business.

(2) In addition to its offices, this property may include:

(i) A parking lot that the banking institution provides, with or without
charge, primarily for the use of its customers; and

(ii) Any rental space that is located in the bank building or on
adjoining land.

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