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§ 3-409. Election, term, and removal of officers

West's Annotated Code of MarylandFinancial InstitutionsEffective: October 1, 2020

West's Annotated Code of Maryland
Financial Institutions
Title 3. Banking Institutions--Commercial Banks
Subtitle 4. Directors and Officers (Refs & Annos)
Effective: October 1, 2020
MD Code, Financial Institutions, § 3-409
Formerly cited as MD FIN INST § 3-411
§ 3-409. Election, term, and removal of officers
Currentness
Election of officers
(a) Within 15 days after the annual meeting of the stockholders and after the directors-elect have qualified, the board of directors of a commercial bank shall meet and elect the officers of the commercial bank.
Term
(b) Unless the bylaws provide otherwise, each officer serves for a term of 1 year and until a successor is elected and qualifies.
Removal of officer
(c) The board of directors may remove any officer at any time.

Credits

Added as Financial Institutions § 3-411 by Acts 1980, c. 33, § 2, eff. July 1, 1980. Renumbered as Financial Institutions § 3-409 by Acts 2020, c. 498, § 2, eff. Oct. 1, 2020.
MD Code, Financial Institutions, § 3-409, MD FIN INST § 3-409
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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