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.