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

MD Fin Inst Code § 3-802 (2019) (N/A)
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(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.

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§ 3-801. Conversion of national banking association, federal stock savings and loan association, or federal stock savings bank into a commercial bank
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