§ 3-206
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/md/financial-institutions/3-206A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§3–206.
(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 and bullion;
(3)Buy and sell foreign and domestic exchange;
(4)Subject to § 3-604 of this title, accept drafts drawn on it;
(5)Issue letters of credit that authorize the holder to draw drafts on it or on its correspondents payable at sight or at a time not exceeding 1 year;
(6)Issue its debt instruments for money that is borrowed or received on deposit or for investment;
(7)Lend money on personal security or on real or personal property;
(8)Subject to § 3-605 of this title, become owner and lessor of personal property;
(9)Subject to § 5-503 of this article, buy, hold, lease, and convey real property;
(10)Pledge collateral to secure deposits of:
(i)The federal government or its agencies; or
(ii)Any state or its political subdivisions;
(11)Pledge securities to secure the money of an estate administered under the federal bankruptcy laws;
(12)Without being deemed a branch of a depository institution affiliate, act in accordance with § 101(d) of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994, as agent of any depository institution affiliate in:
(i)Receiving deposits;
(ii)Renewing time deposits;
(iii)Closing loans;
(iv)Servicing loans; or
(v)Receiving payments on loans and other obligations; and
(13)Exercise all of the powers usual in carrying on a banking business.