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§ 3-301. Capital stock

West's Annotated Code of MarylandFinancial Institutions

West's Annotated Code of Maryland
Financial Institutions
Title 3. Banking Institutions--Commercial Banks
Subtitle 3. Capital Stock; Surplus Requirements; Stockholders (Refs & Annos)
MD Code, Financial Institutions, § 3-301
§ 3-301. Capital stock
Currentness
Construction with Maryland General Corporation Law
(a) A subscription for the original capital stock of a commercial bank shall conform, to the extent applicable, to the provisions of the Maryland General Corporation Law1 that relate to stock subscriptions.
Increase in outstanding capital stock
(b) An increase in the outstanding capital stock of a commercial bank is not valid unless:
(1) The commercial bank has sufficient surplus so that after the increase in capital stock its surplus will equal at least 20 percent of its capital stock; or
(2) The amount of the increase is subscribed for and paid as required for subscription for original capital stock.
Voting rights
(c)(1) Each share of common stock is entitled to one vote.
(2) A stockholder may vote in person or by proxy the capital stock that the stockholder owns of record.

Credits

Added by Acts 1980, c. 33, § 2, eff. July 1, 1980. Amended by Acts 1995, c. 593, § 1, eff. Oct. 1, 1995.

Footnotes

1
Corporations and Associations, § 1-101 et seq.
MD Code, Financial Institutions, § 3-301, MD FIN INST § 3-301
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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