1. (a) Any commercial bank may convert into a national banking association as provided by federal law.
2. (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.

3. (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. (1) Take all property of the commercial bank, subject to all of its liabilities that exist at the time of conversion;
   2. (2) Notify the Commissioner of the conversion and the taking of property; and
   3. (3) File with the Commissioner a copy of the certificate of authority issued by the Comptroller of the Currency.
4. (d) The Commissioner shall file a copy of the certificate of authority with the State Department of Assessments and Taxation.

Added by Acts 1980, c. 33, § 2, eff. July 1, 1980. Amended by Acts 1996, c. 326, § 2, eff. July 1, 1996.