In this title the following words have the meanings indicated. “Capital stock” includes both common and preferred stock of a commercial bank. “Debt instrument” means any capital note, debenture, bond, or certificate of beneficial interest issued by a commercial bank. “Inhabitants” means the population of a municipal area, as determined by the latest federal or State census. “Nondepository trust company” means a trust company that is not insured by the Federal Deposit Insurance Corporation. “State bank” means an institution that is incorporated under the laws of this State as a bank. “Trust company” means an institution that is incorporated under the laws of this State as a trust company.

Every trust company has the powers granted by, and is subject to, the provisions of this article that relate to trust companies. However, except as provided in § 3–209(b) of this title as to the establishment of branches, the provisions of this article do not repeal, modify, or affect any special right, privilege, or power given by charter to a trust company that was organized and doing business before April 8, 1910.

This section applies to a commercial bank that: Is not in the business of accepting deposits or retaining funds in a deposit account as defined in § 5-509 of this article; and Is not controlled by or under common control with a banking institution or a national banking association with its principal office located in this State. A commercial bank subject to this section shall operate in compliance with all requirements and standards for the exercise of fiduciary powers that are applicable under 12 C.F.R. Part 9 to a trust department of a State-chartered trust company that is in the business of accepting deposits or retaining funds in a deposit account as defined in § 5-509 of this article.