reglab/housing_qa huggingface dataset:
MD. Financial Institutions Code Ann. §  3-607 (2021)
2021 Maryland Statutes|Financial Institutions|Title 3 - Banking Institutions -- Commercial Banks|Subtitle 6 - Miscellaneous Regulations|Section 3-607 - Reserves

    (a)    (1)    In this section the following words have the meanings indicated.        (2)    “Demand deposit” means a deposit that is payable within 30 days.        (3)    (i)    “Time deposit” means a deposit that is payable after 30 days.            (ii)    “Time deposit” includes a savings account or certificate of deposit that requires at least a 30–day notice before payment.    (b)    This section does not apply to any deposit of public funds for which the commercial bank pledges collateral.    (c)    (1)    A commercial bank shall have at all times a reserve equal to at least 15 percent of its demand deposits.        (2)    The board of directors of a commercial bank by resolution shall direct the commercial bank to keep the demand deposit reserve required by this section in:            (i)    Cash on hand;            (ii)    Demand deposits in a bank of good standing in any state; or            (iii)    As to 5 percent of its demand deposits, on approval of the Commissioner:                1.    Registered or coupon bonds; or                2.    General obligations of or obligations guaranteed by the United States government, an agency of the United States government, this State, or any political subdivision.    (d)    (1)    A commercial bank shall have at all times a reserve equal to at least 3 percent of its time deposits.        (2)    The board of directors of a commercial bank by resolution shall direct the commercial bank to keep the time deposit reserves required by this section in:            (i)    Cash on hand;            (ii)    Deposits in a bank of good standing in any state; or            (iii)    Direct obligations of the United States government or of this State.    (e)    (1)    If the Commissioner determines that a change in the demand deposit reserve or in the time deposit reserve requirements is advisable to maintain sound banking practices or to prevent injurious credit expansion or contraction, the Commissioner may change the requirements as provided in this subsection.        (2)    Subject to paragraph (3) of this subsection, the Commissioner may adopt rules or regulations to change the requirements as to reserves for commercial banks.        (3)    The rules and regulations may:            (i)    Increase the demand deposit reserve to an amount equal to not more than 30 percent of those deposits;            (ii)    Increase the time deposit reserve to an amount equal to not more than 6 percent of those deposits;            (iii)    Decrease the demand deposit reserve to an amount equal to not less than 15 percent of those deposits;            (iv)    Decrease the time deposit reserve to an amount equal to not less than 3 percent of those deposits; and            (v)    Notwithstanding items (i) through (iv) of this paragraph, increase or decrease the demand deposit reserve or time deposit reserve to conform to the reserve requirements that apply to a member bank of the Federal Reserve System.
MD. Financial Institutions Code Ann. §  3-802 (2021)
2021 Maryland Statutes|Financial Institutions|Title 3 - Banking Institutions -- Commercial Banks|Subtitle 8 - Conversions and Voluntary Dissolutions|Section 3-802 - Conversion of Commercial Bank Into National Banking Association

    (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.
MD. Financial Institutions Code Ann. §  3-803 (2021)
2021 Maryland Statutes|Financial Institutions|Title 3 - Banking Institutions -- Commercial Banks|Subtitle 8 - Conversions and Voluntary Dissolutions|Section 3-803 - Voluntary Dissolution -- in General

    (a)    A commercial bank may dissolve voluntarily, if the stockholders of the commercial bank and the Commissioner approve the dissolution as provided in this section.    (b)    A proposed voluntary dissolution shall be approved by the affirmative vote of the stockholders of the commercial bank who own two thirds of its capital stock.    (c)    (1)    After a proposed voluntary dissolution is approved by the stockholders, the board of directors of the commercial bank shall give the following notices.        (2)    The board shall give written notice to the Commissioner of the intended dissolution. This notice shall be certified under the corporate seal of the commercial bank by its president and by its cashier or treasurer.        (3)    The board also shall give notice to creditors of the commercial bank to present for payment any claim against it. This notice shall be published once each week for 8 consecutive weeks in a newspaper published in the county where the commercial bank has its principal banking office.    (d)    The Commissioner may approve the intended dissolution only if the Commissioner determines that the commercial bank is solvent.
MD. Financial Institutions Code Ann. §  3-804 (2021)
2021 Maryland Statutes|Financial Institutions|Title 3 - Banking Institutions -- Commercial Banks|Subtitle 8 - Conversions and Voluntary Dissolutions|Section 3-804 - Voluntary Dissolution -- Preference for Property Held in Fiduciary Capacity

    In the distribution of the general assets of a trust company that dissolves voluntarily, the person who succeeds the trust company as a personal representative, guardian, trustee, receiver, or other fiduciary has a preference for all debts and accounts that are due to or held by it as fiduciary over all other debts and liabilities, including salaries and wages of employees.
MD. Financial Institutions Code Ann. §  4-101 (2021)
2021 Maryland Statutes|Financial Institutions|Title 4 - Banking Institutions -- Savings Banks|Subtitle 1 - Definitions|Section 4-101 - Definitions

    (a)    In this title the following words have the meanings indicated.    (b)    “Mutual holding company” means the corporation which holds more than 50% of the stock of a subsidiary savings bank pursuant to a reorganization under Subtitle 8 of this title.    (c)    (1)    “Savings bank” means an institution that:            (i)    Is incorporated under the laws of this State as a savings bank; and            (ii)    Engages only in the business of savings banking.        (2)    The term “savings bank” includes a subsidiary savings bank for the purpose of applying the provisions of this article.    (d)    “Subsidiary savings bank” means an institution that:        (1)    Is incorporated under the laws of this State as a subsidiary savings bank, all of the stock of which is owned by a mutual holding company;        (2)    Engages only in the business of savings banking;        (3)    Is a member of the Federal Deposit Insurance Corporation; and        (4)    Is organized to receive assets and liabilities of a mutual holding company in accordance with this subtitle and Subtitle 9 of this title.
MD. Financial Institutions Code Ann. §  4-201 (2021)
2021 Maryland Statutes|Financial Institutions|Title 4 - Banking Institutions -- Savings Banks|Subtitle 2 - Formation and Powers|Section 4-201 - Formation in General

    Three or more adult individuals, each of whom is a citizen of the United States, and at least one of whom is a citizen of this State, may act as incorporators to form a savings bank under this subtitle.
MD. Financial Institutions Code Ann. §  4-202 (2021)
2021 Maryland Statutes|Financial Institutions|Title 4 - Banking Institutions -- Savings Banks|Subtitle 2 - Formation and Powers|Section 4-202 - Articles of Incorporation -- Execution and Contents

    (a)    The incorporators shall sign and acknowledge two copies of articles of incorporation.    (b)    The articles of incorporation shall include:        (1)    The name and address of each incorporator;        (2)    A statement that:            (i)    Each incorporator is at least 18 years old;            (ii)    Each incorporator is a citizen of the United States; and            (iii)    At least one of the incorporators is a citizen of this State;        (3)    A statement that the incorporators are associating to form a savings bank under this subtitle;        (4)    The name of the savings bank, which may not be similar in any material respect to the name of any other bank, savings bank, or trust company in this State;        (5)    The municipal area and county where the principal banking office of the savings bank is to be located;        (6)    The name and residence address of each member; and        (7)    The number of directors and the names and residence addresses of those who will serve until their successors are elected and qualify.
MD. Financial Institutions Code Ann. §  4-203 (2021)
2021 Maryland Statutes|Financial Institutions|Title 4 - Banking Institutions -- Savings Banks|Subtitle 2 - Formation and Powers|Section 4-203 - Articles of Incorporation -- Filing for Examination and Approval

    (a)    The incorporators shall:        (1)    File with the Commissioner for examination the two copies of the articles of incorporation; and        (2)    Pay to the Commissioner an examination fee of $1,500.    (b)    The Commissioner shall investigate and determine if:        (1)    The articles are framed in accordance with law;        (2)    The character, responsibility, and general fitness of the incorporators and directors named in the articles command confidence and warrant belief that the business of the proposed savings bank will be conducted honestly and efficiently, in accordance with the intent of this article; and        (3)    Allowing the proposed savings bank to engage in business:            (i)    Will promote public convenience and advantage; and            (ii)    Is expedient and desirable.    (c)    After the investigation, the Commissioner may require any change in the articles of incorporation that the Commissioner considers necessary.    (d)    (1)    Within 6 months after the articles are filed for examination, the Commissioner shall sign, date, and endorse each copy as “approved” or “refused”.        (2)    If formation of the savings bank is refused, the Commissioner shall return one of the endorsed copies of the articles to the incorporators.        (3)    If formation of the savings bank is approved, the Commissioner shall:            (i)    Return one of the endorsed copies of the articles to the incorporators; and            (ii)    Keep and record one of the endorsed copies.
MD. Financial Institutions Code Ann. §  4-204 (2021)
2021 Maryland Statutes|Financial Institutions|Title 4 - Banking Institutions -- Savings Banks|Subtitle 2 - Formation and Powers|Section 4-204 - Articles of Incorporation -- Filing for Record

    (a)    If the Commissioner approves the articles of incorporation, the incorporators shall file for record one of the endorsed copies of the articles with the State Department of Assessments and Taxation.    (b)    Articles of incorporation that are filed for record are not effective unless the Commissioner has endorsed the articles as approved.
MD. Financial Institutions Code Ann. §  4-205 (2021)
2021 Maryland Statutes|Financial Institutions|Title 4 - Banking Institutions -- Savings Banks|Subtitle 2 - Formation and Powers|Section 4-205 - Corporate Status; Perpetual Existence

    (a)    When articles of incorporation are filed for record in accordance with § 4-204 of this subtitle, the savings bank becomes a corporation.    (b)    Notwithstanding any charter provision or provision of law, each savings bank has the right to perpetual existence until forfeiture.
MD. Financial Institutions Code Ann. §  4-206 (2021)
2021 Maryland Statutes|Financial Institutions|Title 4 - Banking Institutions -- Savings Banks|Subtitle 2 - Formation and Powers|Section 4-206 - General Powers of Savings Bank

    (a)    Except as otherwise provided in this article, a savings bank has all of the general powers granted to Maryland corporations under the Maryland General Corporation Law.    (b)    In addition to the powers set forth elsewhere in this article, a savings bank may:        (1)    Receive deposits of money from:            (i)    Any person;            (ii)    The federal government or its agencies; and            (iii)    Any state or its political subdivisions;        (2)    Pledge collateral to secure the deposits of:            (i)    The federal government or its agencies; or            (ii)    Any state or its political subdivisions;        (3)    On good security:            (i)    Invest deposits; and            (ii)    Make loans from deposits;        (4)    Subject to § 4-603 of this title:            (i)    Borrow money; and            (ii)    Pledge its assets to secure the debt;        (5)    Rent its vaults or safe-deposit boxes and, in accordance with the rental agreement, permit deposits of property;        (6)    Subject to § 5-503 of this article, buy, hold, and convey real property;        (7)    Subject to § 4-604 of this title, act as trustee under:            (i)    The federal Self-Employed Individuals Tax Retirement Act of 1962; or            (ii)    The federal Employee Retirement Income Security Act of 1974;        (8)    With the prior approval of the Commissioner, exercise the powers granted under § 3-207 of this article to a trust company; and        (9)    Exercise all of the powers usual in carrying on a business of savings banking.
MD. Financial Institutions Code Ann. §  4-207 (2021)
2021 Maryland Statutes|Financial Institutions|Title 4 - Banking Institutions -- Savings Banks|Subtitle 2 - Formation and Powers|Section 4-207 - Certification Before Beginning Business

    A savings bank may not do business until it receives from the Commissioner a certificate of authority to do business.
MD. Financial Institutions Code Ann. §  4-208 (2021)
2021 Maryland Statutes|Financial Institutions|Title 4 - Banking Institutions -- Savings Banks|Subtitle 2 - Formation and Powers|Section 4-208 - Initial Guaranty Fund Requirements

    (a)    Before the Commissioner issues a certificate to do business, a savings bank shall have an initial guaranty fund that equals at least:        (1)    The minimum amount of capital stock required for formation of a commercial bank in the municipal area of the proposed savings bank; and        (2)    Any greater amount that the Commissioner determines is necessary to keep the savings bank solvent.    (b)    (1)    Before a savings bank establishes a branch, the savings bank shall have a guaranty fund as provided in this subsection.        (2)    For a branch that is to be located inside the municipal area of the principal banking office of the savings bank, the savings bank shall have a guaranty fund of not less than 5 percent of its total deposits.        (3)    For a branch that is to be located outside the municipal area of the principal banking office of the savings bank, the savings bank shall have a guaranty fund of not less than the sum of:            (i)    5 percent of its total deposits; and            (ii)    The minimum capital and surplus that is required for formation of a commercial bank in the municipal area of the proposed branch.
MD. Financial Institutions Code Ann. §  4-209 (2021)
2021 Maryland Statutes|Financial Institutions|Title 4 - Banking Institutions -- Savings Banks|Subtitle 2 - Formation and Powers|Section 4-209 - Fund Payments Before Beginning Business

    (a)    Payment to the initial guaranty fund shall be:        (1)    Made in money; and        (2)    Evidenced by transferable deferred payment certificates.    (b)    The approval of the Commissioner is required as to:        (1)    The form of the transferable deferred payment certificates;        (2)    The rate of interest that the holder of a certificate will be entitled to receive; and        (3)    The terms under which and the pro rata installments by which the holder of a certificate will be repaid.
MD. Financial Institutions Code Ann. §  4-210 (2021)
2021 Maryland Statutes|Financial Institutions|Title 4 - Banking Institutions -- Savings Banks|Subtitle 2 - Formation and Powers|Section 4-210 - Charter Amendments

    (a)    Any savings bank may amend its charter in any manner not inconsistent with law, as provided in this section.    (b)    A proposed amendment shall be approved at a meeting called for that purpose by:        (1)    The affirmative vote in person or by proxy of two thirds of the members; or        (2)    If there are no members, the affirmative vote of two thirds of the board of directors.    (c)    After an amendment is approved by the members or the directors:        (1)    The president of the savings bank and either its cashier or treasurer shall certify the amendment; and        (2)    The amendment shall be signed, filed with the Commissioner for examination, and, if approved by the Commissioner, filed for record as required for articles of incorporation.    (d)    On filing the amendment for examination, the savings bank shall pay to the Commissioner an examination fee of $20.
MD. Financial Institutions Code Ann. §  4-301 (2021)
2021 Maryland Statutes|Financial Institutions|Title 4 - Banking Institutions -- Savings Banks|Subtitle 3 - Guaranty Fund; Deposits|Section 4-301 - Guaranty Fund

    (a)    If a savings bank has a guaranty fund that is less than 5 percent of its total deposits, the savings bank:        (1)    May not make any payment on the principal of the transferable deferred payment certificates that evidence payments to the initial guaranty fund; and        (2)    May not pay interest on the certificates unless the Commissioner approves the payment and the rate of interest.    (b)    If a savings bank has a guaranty fund that is less than 5 percent of its total deposits, the savings bank shall add to its initial guaranty fund, at the end of each fiscal year, at least 10 percent of its net earnings, calculated before interest on the transferable deferred payment certificates.
MD. Financial Institutions Code Ann. §  4-302 (2021)
2021 Maryland Statutes|Financial Institutions|Title 4 - Banking Institutions -- Savings Banks|Subtitle 3 - Guaranty Fund; Deposits|Section 4-302 - Maintenance of Fund

    (a)    Except as provided in this section, a savings bank may not reduce its guaranty fund.    (b)    If the Commissioner determines that the guaranty fund of a savings bank exceeds 5 percent of its total deposits and approves a reduction, the savings bank may reduce its fund by the amount of the excess.    (c)    If a savings bank abandons a branch and the Commissioner approves a reduction, the savings bank may reduce its guaranty fund by the amount of its addition to the fund required for establishment of the branch.    (d)    (1)    This subsection applies if the guaranty fund:            (i)    Has reached 5 percent of the total deposits of the savings bank; and            (ii)    Later falls below that amount.        (2)    A savings bank may not pay any interest on its deposits so long as its guaranty fund is less than 5 percent of its total deposits, unless the savings bank adds to the fund, from net earnings for the year, money that equals at least 0.25 percent of its total deposits.        (3)    If the Commissioner determines that a savings bank does not have a guaranty fund equal to 5 percent of its total deposits, the Commissioner may require the savings bank:            (i)    To add to the fund from its net earnings an amount of money, not to exceed in any year 0.25 percent of its total deposits, that is sufficient to restore the fund to 5 percent of its total deposits; and            (ii)    Until the fund is restored, to reduce, by that amount, the interest paid or payable to depositors of the savings bank.        (4)    The Commissioner may evaluate the assets of a savings bank by a method that the Federal Deposit Insurance Corporation or any other appropriate federal authority adopts.
MD. Financial Institutions Code Ann. §  4-303 (2021)
2021 Maryland Statutes|Financial Institutions|Title 4 - Banking Institutions -- Savings Banks|Subtitle 3 - Guaranty Fund; Deposits|Section 4-303 - Interest on Deposits

    (a)    A savings bank may pay interest on its deposits only from its profits, after deducting expenses for management, losses, necessary credits to premium accounts, taxes, and required additions to the guaranty fund.    (b)    In determining its profits, a savings bank is not required, as to any bond that it buys or holds, to charge off from the premium of the bond more than an amount proportionate to the life of the bond.
MD. Financial Institutions Code Ann. §  4-401 (2021)
2021 Maryland Statutes|Financial Institutions|Title 4 - Banking Institutions -- Savings Banks|Subtitle 4 - Members|Section 4-401 - Capital Stock Prohibited

    Unless organized as a subsidiary savings bank, as defined in this title, a savings bank is a mutual association and may not have any capital stock.
MD. Financial Institutions Code Ann. §  4-402 (2021)
2021 Maryland Statutes|Financial Institutions|Title 4 - Banking Institutions -- Savings Banks|Subtitle 4 - Members|Section 4-402 - Annual Meeting of Members and Stockholders

    (a)    The bylaws of a savings bank shall provide for annual meetings of the members to:        (1)    Elect directors;        (2)    Elect members, unless the charter of the savings bank provides for a different method of electing members; and        (3)    Transact other business.    (b)    The bylaws of a subsidiary savings bank shall provide for annual meetings of the stockholders to:        (1)    Elect directors; and        (2)    Transact other business.
MD. Financial Institutions Code Ann. §  4-501 (2021)
2021 Maryland Statutes|Financial Institutions|Title 4 - Banking Institutions -- Savings Banks|Subtitle 5 - Directors|Section 4-501 - Management of Savings Bank

    The business and affairs of a savings bank shall be managed under the direction of a board of directors.
MD. Financial Institutions Code Ann. §  4-502 (2021)
2021 Maryland Statutes|Financial Institutions|Title 4 - Banking Institutions -- Savings Banks|Subtitle 5 - Directors|Section 4-502 - Number of Directors

    Each savings bank shall have at least 5 and not more than 30 directors, as its charter or bylaws provide.
MD. Financial Institutions Code Ann. §  4-503 (2021)
2021 Maryland Statutes|Financial Institutions|Title 4 - Banking Institutions -- Savings Banks|Subtitle 5 - Directors|Section 4-503 - Qualifications of Directors

    Each director of a savings bank shall be a member of the savings bank.
MD. Financial Institutions Code Ann. §  4-504 (2021)
2021 Maryland Statutes|Financial Institutions|Title 4 - Banking Institutions -- Savings Banks|Subtitle 5 - Directors|Section 4-504 - Oath of Directors

    Each director of a savings bank shall take an oath:         (1)    To perform diligently and honestly the duties of the office; and        (2)    Not to violate knowingly or permit knowingly a violation of any law that relates to the savings bank.