Home Table of Contents

§ 3-203. Filing requirements

West's Annotated Code of MarylandFinancial InstitutionsEffective: July 1, 2011

West's Annotated Code of Maryland
Financial Institutions
Title 3. Banking Institutions--Commercial Banks
Subtitle 2. Formation and Powers (Refs & Annos)
Effective: July 1, 2011
MD Code, Financial Institutions, § 3-203
§ 3-203. Filing requirements
Currentness
In general
(a) The incorporators shall file with the Commissioner for examination the two copies of the articles of incorporation.
Investigation by Commissioner
(b) The 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 commercial bank will be conducted honestly and efficiently, in accordance with the intent of this article; and
(3) Allowing the proposed commercial bank to engage in business:
(i) Will promote public convenience and advantage; and
(ii) Is expedient and desirable.
Changes required by Commissioner
(c) After the investigation, the Commissioner may require any change in the articles of incorporation that the Commissioner considers necessary.
Deadline for Commissioner action
(d)(1) Within 6 months after the articles are filed for examination, the Commissioner shall sign, date, and endorse each copy of the articles as “approved” or “refused”.
(2) If formation of the commercial bank is refused, the Commissioner shall return one of the endorsed copies of the articles to the incorporators.
(3) If formation of the commercial bank is approved, the 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.

Credits

Added by Acts 1980, c. 33, § 2, eff. July 1, 1980. Amended by Acts 1980, c. 679; Acts 1981, c. 753, § 1; Acts 1982, c. 17, § 7; Acts 1996, c. 326, § 2, eff. July 1, 1996; Acts 2008, c. 293, § 1, eff. July 1, 2008; Acts 2011, c. 332, § 4, eff. July 1, 2011.
MD Code, Financial Institutions, § 3-203, MD FIN INST § 3-203
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document