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Maryland Code, Financial Institutions § 3-301

Current as of January 01, 2025 | Updated by Findlaw Staff

(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 Law  1 that relate to stock subscriptions.

(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.

(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.

1 Corporations and Associations, § 1-101 et seq.
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Cite this article: FindLaw.com - Maryland Code, Financial Institutions § 3-301 - last updated January 01, 2025 | https://codes.findlaw.com/md/financial-institutions/md-code-fin-inst-sect-3-301/

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