(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.
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