Maryland Code, Financial Institutions § 3-312

(1) Subordinate to the claims of any depositor or creditor; and

(2) Preferred to the claim of any stockholder.

(e)(1) Each holder of a debt instrument has the voting rights that the charter provides and the Commissioner approves.

(2) A reference in this article to a required vote of the holders of the capital stock of a commercial bank includes holders of debt instruments to the extent that they are entitled to vote under this subsection.

(1) It shall obtain the approval of the Commissioner; and

(2) Any existing deficit in its capital, disregarding any debt instrument to be retired, shall be paid in cash so that the sound capital assets of the commercial bank are at least equal to its capital stock.