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