§ 3-802
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/md/financial-institutions/3-802A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§3–802.
(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.