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§ 3-103. Powers of commercial banks

West's Annotated Code of MarylandFinancial Institutions

West's Annotated Code of Maryland
Financial Institutions
Title 3. Banking Institutions--Commercial Banks
Subtitle 1. Definitions; General Provisions (Refs & Annos)
MD Code, Financial Institutions, § 3-103
§ 3-103. Powers of commercial banks
Currentness
Application of section
(a) This section applies to a commercial bank that:
(1) Is not in the business of accepting deposits or retaining funds in a deposit account as defined in § 5-509 of this article; and
(2) Is not controlled by or under common control with a banking institution or a national banking association with its principal office located in this State.
Requirements and standards for exercise of fiduciary powers
(b) A commercial bank subject to this section shall operate in compliance with all requirements and standards for the exercise of fiduciary powers that are applicable under 12 C.F.R. Part 9 to a trust department of a State-chartered trust company that is in the business of accepting deposits or retaining funds in a deposit account as defined in § 5-509 of this article.

Credits

Added by Acts 1993, c. 487, § 1, eff. June 1, 1993. Amended by Acts 1998, c. 21, § 1, eff. April 14, 1998.
MD Code, Financial Institutions, § 3-103, MD FIN INST § 3-103
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