§ 4-701.1. Conversion to savings bank
West's Annotated Code of MarylandFinancial InstitutionsEffective: October 1, 2010
Effective: October 1, 2010
MD Code, Financial Institutions, § 4-701.1
§ 4-701.1. Conversion to savings bank
(b) A converting institution that is located in this State may convert into a savings bank as provided by federal law and this section.
(c)(1) The converting institution shall meet the requirements of this title for the incorporation of a savings bank.
(d)(1) The board of directors of the converting institution shall sign, acknowledge, and file articles of incorporation.
(e) The conversion shall be approved at a meeting called for that purpose, by the affirmative vote of:
(f) The new savings bank resulting from the conversion:
(g) The converting institution's rights, franchises, and interests in any property become the property of the new savings bank, subject to the liabilities of the converting institution that exist at the time of the conversion.
(h) Unless this construction would be unreasonable, any reference to the converting institution in any writing, whether executed or taking effect before or after the conversion, shall be interpreted as a reference to the new savings bank.
Credits
Added by Acts 2010, c. 457, § 1, eff. Oct. 1, 2010.
MD Code, Financial Institutions, § 4-701.1, MD FIN INST § 4-701.1
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.
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