Three or more adult individuals, each of whom is a citizen of the United States, and at least one of whom is a citizen of this State, may act as incorporators to form a State bank or a trust company under this subtitle.
(a) The incorporators shall sign and acknowledge two copies of articles of incorporation. (b) The articles of incorporation shall include: (1) The name and address of each incorporator; (2) A statement that: (i) Each incorporator is at least 18 years old; (ii) Each incorporator is a citizen of the United States; and (iii) At least one of the incorporators is a citizen […]
(a) The incorporators shall file with the Commissioner for examination the two copies of the articles of incorporation. (b) The Commissioner shall investigate and determine if: (1) The articles are framed in accordance with law; (2) The character, responsibility, and general fitness of the incorporators and directors named in the articles command confidence and warrant belief that the business […]
(a) In this section, “executive officer” has the meaning stated in 12 C.F.R. § 215.2. (b) In connection with the filing of articles of incorporation of a commercial bank with the Commissioner, each incorporator, executive officer, and director of a proposed or incorporated commercial bank shall provide fingerprints for use by the Federal Bureau of Investigation and […]
(a) If the Commissioner approves the articles of incorporation, the incorporators shall file for record one of the endorsed copies of the articles with the State Department of Assessments and Taxation. (b) Articles of incorporation that are filed for record are not effective unless the Commissioner has endorsed the articles as approved.
(a) When articles of incorporation are filed for record in accordance with § 3-204 of this subtitle, the commercial bank becomes a corporation. (b) Notwithstanding any charter provision or provision of law, each commercial bank has the right to perpetual existence until forfeiture.
(a) Except as otherwise provided in this article, a commercial bank has all of the general powers granted to Maryland corporations under the Maryland General Corporation Law. (b) In addition to the powers set forth elsewhere in this article, a commercial bank may: (1) Receive deposits of money on which interest may be paid; (2) Buy and sell coin […]
In addition to the powers set forth elsewhere in this article, a trust company may: (1) Receive deposits of money, securities, and other personal property from any person; (2) Act as the agent of any foreign or Maryland corporation for any lawful purpose; (3) Act as the fiscal or transfer agent of any state, any political subdivision of […]
A commercial bank may not do business until it receives from the Commissioner a certificate of authority to do business.
(a) (1) Before the Commissioner issues a certificate to do business, the required capital stock and the required surplus shall be paid in full. (2) A commercial bank shall have required capital stock that equals at least: (i) $750,000, if it is in a municipal area with not more than 50,000 inhabitants; and (ii) $1.5 million, if it is in […]
Except as otherwise provided by law, payment for capital stock and surplus shall be in money and may not be in notes, securities, or property.
(a) In this section, “receivership” means a proceeding in which: (1) The Commissioner takes possession of a nondepository trust company in accordance with § 5–601, § 5–602, or § 5–602.1 of this article; and (2) A receiver is appointed in accordance with § 5–605 of this article. (b) (1) A nondepository trust company shall pledge securities or deliver a surety […]
(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 […]
(a) Any commercial bank may amend its charter, in any manner not inconsistent with law, as provided in this section. (b) A proposed amendment shall be approved at a meeting called for that purpose, by the affirmative vote of the holders of two thirds of the capital stock of the commercial bank. (c) If the proposed amendment is […]
