Maryland Code, FINANCIAL INSTITUTIONS 5-405
Terms Used In Maryland Code, FINANCIAL INSTITUTIONS 5-405
- 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.
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(b) If the Commissioner approves, a banking institution may have a bank service corporation.
(c) On application of the banking institution, a bank service corporation shall be approved if:
(1) The Commissioner determines that approval is:
(i) Reasonably required to protect the welfare of the general economy of the State and of the banking institution; and
(ii) Not detrimental to the public interest or to the banking institution;
(2) The approval imposes the same conditions that federal law requires or permits as to a bank service corporation owned exclusively by national banking associations; and
(3) The transaction complies with the rules, regulations, and conditions that the Commissioner adopts.
(d) This section does not apply to any bank service corporation organized before July 1, 1984.