(a) The incorporators shall sign and acknowledge two copies of articles of incorporation.
Contents of articles of incorporation
(b) The articles of incorporation shall include:
(1) The name and address of each incorporator;
(2) A statement that:
(i) Each incorporator is at least 18 years old;
(ii) Each incorporator is a citizen of the United States; and
(iii) At least one of the incorporators is a citizen of this State;
(3) A statement that the incorporators are associating to form a State bank or a trust company under this subtitle;
(4) The name of the State bank or trust company, which may not be similar in any material respect to the name of any other bank or trust company in this State;
(5) The municipal area and county where the principal banking office of the State bank or trust company is to be located;
(6) The number of directors and the names and residence addresses of those who will serve as directors until their successors are elected and qualify; and
(7) As to its capital stock:
(i) The total number of shares that the State bank or trust company has authority to issue;
(ii) The par value of the shares, which may not be less than $10 a share; and
(iii) The total par value of all shares.
Provisions relating to votes and acquisition of additional stock
(c) The articles of incorporation may include:
(1) Any provision that requires for any purpose the concurrence of a greater proportion of the votes of all classes or of any class of capital stock than the proportion required by this article for that purpose; and
(2) Any provision that defines, limits, or denies the preemptive rights of stockholders to acquire additional stock of the State bank or trust company.
Credits
Added by Acts 1980, c. 33, § 2, eff. July 1, 1980. Amended by Acts 1980, c. 679; Acts 1980, c. 807, § 1; Acts 1989, c. 713; Acts 2020, c. 498, § 1, eff. Oct. 1, 2020.
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.
