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Maryland Code, Financial Institutions § 3-304

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

(a) Except as necessary to prevent a loss on a loan previously made in good faith, a commercial bank may not:

(1) Make any loan secured by any of its outstanding capital stock; or

(2) Buy or hold any of its outstanding capital stock.

(b) If a commercial bank buys or holds any of its outstanding capital stock, the commercial bank shall sell the stock at public or private sale within:

(1) 1 year after the date of acquisition; or

(2) Any longer period that the Commissioner authorizes.

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Cite this article: FindLaw.com - Maryland Code, Financial Institutions § 3-304 - last updated January 01, 2025 | https://codes.findlaw.com/md/financial-institutions/md-code-fin-inst-sect-3-304/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

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