(a)All money received by the receiver shall be deposited to the receivers credit in any bank or trust company that the receiver chooses. (b)(1)To safekeep and to secure payment of the money deposited with it, the depository bank or trust company shall deposit with the office of the Commissioner general obligations of or obligations guaranteed by the federal government, this State, or any of its political subdivisions. (2)These obligations shall be valued at the lower of market value or par value, and their value always shall be at least equal to the deposits of the receiver in the bank or trust company.

(a)An officer, director, or employee of a bank, trust company, or savings bank may not willfully and knowingly make or cause to be made a false statement or false entry in its records or, with the intent to deceive a person authorized to examine the affairs of the bank, trust company, or savings bank, sign or exhibit false records. (b)Any officer, director, or employee who violates any provision of this section is guilty of a felony and on conviction is subject to a fine not exceeding $5,000 or imprisonment not exceeding 10 years or both.

(a)An officer or employee of a banking institution may not accept a deposit knowing that the institution is insolvent. (b)An officer or employee who violates any provision of this section is guilty of a misdemeanor and on conviction is subject to imprisonment in the State Penitentiary for a period not exceeding 3 years.

This legal document governs the establishment and maintenance of electronic terminals by savings and loan associations in Maryland. It defines an electronic terminal as an automated electronic information processing device that stores and transmits customer account information. The document allows savings and loan associations to establish and maintain electronic terminals at locations other than their principal or branch offices, subject to approval by the Division Director. The application process requires filing an application with the Division Director, paying a filing fee, and providing detailed information about the proposed electronic terminals.

A capital stock savings and loan association may convert to a commercial bank if: (1)Its stockholders approve; (2)Its charter is amended; (3)The Commissioner approves; (4)All deposits will be insured throughout the conversion; (5)The depositors of the capital stock savings and loan association immediately prior to the conversion shall be entitled to deposits in the commercial bank of like amounts, interest rate and other terms, without interruption of interest; (6)All deposits shall be insured by the Federal Deposit Insurance Corporation up to the maximum amount provided by law; (7)It complies with Title 3 of the Corporations and Associations Article; and (8)It has met all the requirements of this part and other applicable provisions in this article.

To convert to a commercial bank, a capital stock savings and loan shall deliver to the Commissioner: (1)A filing fee of $1,000; (2)An application for conversion; (3)A certified copy of the resolution of the board of directors that authorizes the conversion; (4)The proposed amended charter and bylaws amendments; (5)The proposed notice of the meeting to consider conversion, and the time and manner in which notice will be given to stockholders; (6)The proposed proxy statement; (7)The proposed plan of conversion; and (8)Any additional documents required by the Commissioner.

This legal document, found in the Code of Maryland under the Financial Institutions section, specifically Title 9, SubTitle 6, outlines the requirements and considerations for associations seeking to convert to a commercial bank. The Commissioner is responsible for reviewing the conversion application and ensuring various factors are met. These factors include determining the fairness of the plan to stockholders and the general public, ensuring the continued insurance of savings accounts, assessing the financial condition and management of the commercial bank post-conversion, and preventing any inequitable gain or advantage for individuals involved in the conversion.

Within 60 days of the filing of an application, if the Commissioner finds that the stock association has met the requirements of 9-633 of this subtitle, the Commissioner shall issue to the converting association a letter of preliminary approval of the conversion.

(a)On receipt of the Commissioners letter of preliminary approval, the board of directors of the converting association shall call a meeting of the members for the purpose of considering the plan of conversion to a commercial bank. (b)At least 10 days, but not more than 90 days, before the meeting, the converting association shall mail notice of the meeting to all members entitled to vote.

A proposed plan of conversion to a commercial bank and proposed charter amendments to conform to the conversion require approval by a majority vote of the total number of votes eligible to be cast by the stockholders of a stock association.