§ 3-801. Conversion of national bank to commercial bank
West's Annotated Code of MarylandFinancial InstitutionsEffective: July 1, 2016
Effective: July 1, 2016
MD Code, Financial Institutions, § 3-801
§ 3-801. Conversion of national bank to commercial bank
(b) A converting institution that is located in this State may convert into a commercial bank as provided by federal law and this section.
(c)(1) The converting institution shall meet the requirements of this title for incorporation of a commercial bank.
(d) The consenting stockholders of the converting institution shall sign, acknowledge, and file articles of incorporation. The articles shall state that the conversion has been approved by the stockholders in the manner required by federal law.
(e) The requirement for cash payment for stock may be met by exchanging shares of the new commercial bank for those of the converting institution valued at not more than fair cash market value.
(f)(1) The new commercial bank shall be considered the same business and corporate entity as the converting institution and, except as limited by this article or by its charter or bylaws, has all of the rights, powers, and duties of the converting institution.
(g)(1) 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 commercial bank.
Credits
Added by Acts 1980, c. 33, § 2, eff. July 1, 1980. Amended by Acts 1996, c. 326, § 2, eff. July 1, 1996; Acts 1998, c. 689, § 1, eff. Oct. 1, 1998; Acts 1999, c. 33, § 1, eff. April 13, 1999; Acts 2020, c. 628, § 5.
MD Code, Financial Institutions, § 3-801, MD FIN INST § 3-801
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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