Maryland Code, FINANCIAL INSTITUTIONS 12-210
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Terms Used In Maryland Code, FINANCIAL INSTITUTIONS 12-210
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
(a) A permit expires on the third anniversary of its effective date, unless the permit is renewed for a 3-year term as provided in this section.
(b) Before its permit expires, the foreign banking corporation may renew the permit for additional 3-year terms if the foreign banking corporation:
(1) At least 30 days before its permit expires submits to the Commissioner a renewal application on the form that the Commissioner requires; and
(2) Meets the requirements for issuance of a permit under § 12-209 of this subtitle.
(c) The Commissioner shall renew the permit of each foreign banking corporation that meets the requirements of this section.