§ 9-640. Powers of commercial bank that results from conversion
West's Annotated Code of MarylandFinancial Institutions
MD Code, Financial Institutions, § 9-640
§ 9-640. Powers of commercial bank that results from conversion
(a) Except as provided in subsections (b), (c), and (d) of this section, a capital stock savings and loan association converted under this part to a commercial bank may exercise all the powers of, and shall be subject to all the restrictions imposed on, a commercial bank under this article.
(b) A commercial bank that results from a conversion of a capital stock savings and loan association may hold assets or conduct business activities, other than insurance assets and insurance activities, that result from the conversion and that do not conform with applicable law, unless a different period is authorized by federal regulatory agencies:
(c) A commercial bank resulting from a conversion of a capital stock savings and loan association may hold insurance assets or conduct insurance activities that were held or conducted before the conversion and that do not conform with applicable law, for a period of 2 years after the date of conversion, unless a different period is authorized by federal regulatory agencies.
(d) Except as provided in subsection (c) of this section, a commercial bank resulting from the conversion of a capital stock savings and loan association may hold insurance assets or conduct insurance activities only to the extent permitted under applicable law for a Maryland commercial bank.
Credits
Added by Acts 1986, c. 591, § 1, eff. July 1, 1986. Amended by Acts 1987, c. 11, § 1; Acts 1996, c. 326, § 2, eff. July 1, 1996.
MD Code, Financial Institutions, § 9-640, MD FIN INST § 9-640
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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