Section 3-720 – Appraisal of Fair Value
(a) The fair value of the shares of stock shall be determined as of the date of the stockholders’ meeting approving the consolidation, merger, or transfer of assets. (b) (1) The determination of fair value shall be made by three appraisers as follows: (i) One chosen by the owners of two thirds of the shares involved; (ii) One chosen by […]
Section 3-721 – Amount Due Is Debt of Successor
Any amount due to an objecting stockholder under this Part II is a debt of the successor.
Section 3-801 – Conversion of National Banking Association, Federal Stock Savings and Loan Association, or Federal Stock Savings Bank Into a Commercial Bank
(a) (1) In this section the following words have the meanings indicated. (2) “Capital stock” includes both common and preferred stock. (3) “Converting institution” means a national banking association, a federal stock savings and loan association, or a federal stock savings bank. (4) “Federal stock savings and loan association” means an institution that is incorporated under federal law as a […]
Section 3-802 – Conversion of Commercial Bank Into National Banking Association
(a) Any commercial bank may convert into a national banking association as provided by federal law. (b) When a commercial bank applies to the Comptroller of the Currency for conversion into a national banking association, it shall file with the Commissioner a written notice of its intent to convert. (c) When the Comptroller of the Currency issues a […]
Section 3-803 – Voluntary Dissolution — in General
(a) A commercial bank may dissolve voluntarily, if the stockholders of the commercial bank and the Commissioner approve the dissolution as provided in this section. (b) A proposed voluntary dissolution shall be approved by the affirmative vote of the stockholders of the commercial bank who own two thirds of its capital stock. (c) (1) After a proposed voluntary dissolution […]
Section 3-804 – Voluntary Dissolution — Preference for Property Held in Fiduciary Capacity
In the distribution of the general assets of a trust company that dissolves voluntarily, the person who succeeds the trust company as a personal representative, guardian, trustee, receiver, or other fiduciary has a preference for all debts and accounts that are due to or held by it as fiduciary over all other debts and liabilities, […]
Section 3-601 – Maximum Liabilities of Person to Commercial Bank
(a) This section does not apply to: (1) Any readily marketable bond or like obligation that is held by a commercial bank as an investment; (2) Any loan that is made to this State or to a political subdivision and that matures in less than 1 year; (3) Any loan of $3,500 or less, unless that loan exceeds 20 […]
Section 3-712 – Effect of Consolidation or Merger
(a) Consummation of a consolidation or merger has the effects provided in this section. (b) The separate existence of each constituent bank, except the successor, ceases. (c) (1) The successor shall be considered the same business and corporate entity as each of the constituent banks and has all of the rights, powers, and duties of each constituent bank, except: […]
Section 3-604 – Acceptance of Drafts
(a) A commercial bank may accept for payment at a later date a draft issued in connection with a transaction that involves the importation, exportation, or domestic shipment of goods, if the draft: (1) Is payable not more than 6 months after the date of acceptance; and (2) When accepted, is accompanied by a document of title. (b) A […]
Section 3-713 – Effect of Transfer of Assets
Consummation of a transfer of assets has the effects provided in § 3-115 of the Corporations and Associations Article.