§ 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.

HISTORY: CA § 6-129; 1980, ch. 33, § 2; 1996, ch. 326, § 2.