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§ 3-212. Notification of compliance and examination by Commissioner

West's Annotated Code of MarylandFinancial InstitutionsEffective: July 1, 2019

West's Annotated Code of Maryland
Financial Institutions
Title 3. Banking Institutions--Commercial Banks
Subtitle 2. Formation and Powers (Refs & Annos)
Effective: July 1, 2019
MD Code, Financial Institutions, § 3-212
§ 3-212. Notification of compliance and examination by Commissioner
Currentness
In general
(a) After its articles of incorporation are filed for record and its required capital stock and surplus are paid in full, the commercial bank shall give to the Commissioner:
(1) Notice that the commercial bank has complied with all of the applicable provisions of this title; and
(2) A certified list of all of its stockholders, including their names and residence addresses and the number of shares of capital stock for which each paid.
Examination by Commissioner
(b) The Commissioner shall examine the condition of the commercial bank to determine:
(1) The name and residence of each director;
(2) If the required capital stock and surplus are paid in full; and
(3) If the commercial bank has complied with all other applicable provisions of this title.
Issuance of certificate of authority to do business
(c) If, after examination, it appears that the commercial bank lawfully is entitled to do business, the Commissioner shall issue the certificate of authority to do business.
Commercial banks not authorized by Commissioner
(d)(1) If, after examination, it appears that the required capital stock and surplus have not been paid in full, the Commissioner may not issue the certificate of authority to do business.
(2) If, after examination, the Commissioner has reason to believe that the stockholders formed the commercial bank for any purpose other than legitimate business under this article, the Commissioner, with the advice and consent of the Secretary of Labor, may withhold the certificate.

Credits

Added by Acts 1980, c. 33, § 2, eff. July 1, 1980. Amended by Acts 1980, c. 807, § 1; Acts 1995, c. 120, § 19, eff. July 1, 1995; Acts 1996, c. 326, § 2, eff. July 1, 1996; Acts 2019, c. 8, § 5.
MD Code, Financial Institutions, § 3-212, MD FIN INST § 3-212
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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