Maryland Code, Financial Institutions § 3-302

(1) Into common stock of a greater total par value; or

(2) At any time when the commercial bank would not have a surplus in an amount that equals at least 20 percent of its capital stock outstanding immediately after the conversion.

(d)(1) The holder of preferred stock is entitled to cumulative dividends at a rate not exceeding six percent a year of its par value.

(2) Dividends on common stock may not be declared or paid until the cumulative dividends on the preferred stock are fully paid.

(f)(1) A commercial bank may retire preferred stock in the manner and on the terms and conditions that the charter provides and the Commissioner approves.

(2) If the Commissioner approves, the commercial bank may retire its preferred stock out of any surplus above that required by this title.

(3) The commercial bank may not have at any time less than its required capital stock.

(1) The amount that the charter provides, but not more than the purchase price under subsection (b) of this section and not less than the par value; and

(2) All accumulated and unpaid dividends.