Home Table of Contents

§ 3-305. Reduction of outstanding 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, § 3-305
§ 3-305. Reduction of outstanding capital stock
Currentness
In general
(a) A reduction of the outstanding capital stock of a commercial bank:
(1) Is not valid unless approved by the Commissioner; and
(2) May not be made to an amount that is less than that required in § 3-209(b) of this title.
Assets remaining after proposed reduction
(b) The Commissioner shall base approval on a finding that the assets of the commercial bank remaining after the proposed reduction of its capital stock will be sufficient to pay all of the claims of existing creditors.

Credits

Added by Acts 1980, c. 33, § 2, eff. July 1, 1980. Amended by Acts 1981, c. 617; Acts 1995, c. 593, § 1, eff. Oct. 1, 1995; Acts 1996, c. 326, § 2, eff. July 1, 1996.
Formerly Art. 11, § 68.
MD Code, Financial Institutions, § 3-305, MD FIN INST § 3-305
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.
End of Document