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§ 4-907. Certificate of authority

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

West's Annotated Code of Maryland
Financial Institutions
Title 4. Banking Institutions--Savings Banks
Subtitle 9. Subsidiary Savings Banks (Refs & Annos)
Effective: July 1, 2019
MD Code, Financial Institutions, § 4-907
§ 4-907. Certificate of authority
Currentness
Notice of compliance with subtitle
(a) After its articles of incorporation are filed for record and its required capital stock and surplus are paid in full, the subsidiary savings bank shall give to the Commissioner notice that the subsidiary savings bank has complied with all of the applicable provisions of this subtitle.
Examination by Commissioner
(b) The Commissioner shall examine the condition of the subsidiary savings 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 subsidiary savings 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 subsidiary savings bank lawfully is entitled to do business, the Commissioner shall issue the certificate of authority to do business.
Refusal of Commissioner to issue certificate
(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 subsidiary savings 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 1986, c. 355, § 1, eff. July 1, 1986. Amended by Acts 1987, c. 11, § 1; Acts 1995, c. 120, § 19, eff. July 1, 1995; Acts 1996, c. 326, § 2, eff. July 1, 1996.
MD Code, Financial Institutions, § 4-907, MD FIN INST § 4-907
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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