Section 3-802 - Conversion of commercial bank into national banking association. - Maryland Statutes

§ 3-802. Conversion of commercial bank into national banking association.
 

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

(b)  Notice of intent.- 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)  Effect of conversion.- 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)  Filing of certificate.- The Commissioner shall file a copy of the certificate of authority with the State Department of Assessments and Taxation. 
 

[CA § 6-129; 1980, ch. 33, § 2; 1996, ch. 326, § 2.]