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§ 3-802. Conversion of commercial bank to national bank

West's Annotated Code of MarylandFinancial Institutions

West's Annotated Code of Maryland
Financial Institutions
Title 3. Banking Institutions--Commercial Banks
Subtitle 8. Conversions and Voluntary Dissolutions (Refs & Annos)
MD Code, Financial Institutions, § 3-802
§ 3-802. Conversion of commercial bank to national bank
Currentness
In general
(a) Any commercial bank may convert into a national banking association as provided by federal law.
Notice of intention to convert to national bank
(b) When a commercial bank applies to the Comptroller of the Currency for conversion into a national banking association, it shall file with the Commissioner a written notice of its intent to convert.
Certificate of authority to do business as national banking association
(c) When the Comptroller of the Currency issues a certificate of authority to do business as a national banking association, the charter of the commercial bank terminates and the new national banking association shall:
(1) Take all property of the commercial bank, subject to all of its liabilities that exist at the time of conversion;
(2) Notify the Commissioner of the conversion and the taking of property; and
(3) File with the Commissioner a copy of the certificate of authority issued by the Comptroller of the Currency.
Filing of certificate of authority
(d) The Commissioner shall file a copy of the certificate of authority with the State Department of Assessments and Taxation.

Credits

Added by Acts 1980, c. 33, § 2, eff. July 1, 1980. Amended by Acts 1996, c. 326, § 2, eff. July 1, 1996.
MD Code, Financial Institutions, § 3-802, MD FIN INST § 3-802
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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