§ 3-802

Maryland § 3-802

• Jurisdiction: Maryland
• Article gfi: Financial Institutions
• Title: 3

Text

(a) Any commercial bank may convert into a national banking association as provided by federal law.

(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.

(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.

(d) The Commissioner shall file a copy of the certificate of authority with the State Department of Assessments and Taxation.