Section 3-711 – Charter and Bylaws of Successor in Merger
The stockholders’ approval of a merger agreement constitutes the adoption of the charter and bylaws of the successor, including any amendments set forth in the agreement.
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.
Section 3-605 – Owning and Leasing Personal Property
(a) This section does not apply to a leasehold interest in real property. (b) Subject to the rules and regulations of the Commissioner, a commercial bank may become the owner and lessor of personal property if: (1) The personal property is acquired on the specific request of and for the use of a customer; and (2) The investment of […]
Section 3-718 – Successor May Offer Fair Value
(a) The successor in a consolidation, merger, or transfer of assets may offer to pay in cash to the objecting stockholders of a constituent bank not more than what it considers to be the fair value of their shares of stock as of the time of the stockholders’ meeting approving the transaction. (b) An objecting stockholder who […]
Section 3-606 – Restrictions on Certification of Drafts
(a) An officer, employee, or agent of a commercial bank may not certify any draft drawn on the commercial bank unless the drawer has on deposit an amount equal to at least the amount of the draft. (b) If a draft is certified in violation of this section by a person who is authorized to certify drafts, […]
Section 3-719 – Right to Fair Value
(a) The owner of shares of stock that were voted against a consolidation, merger, or transfer of assets is entitled to receive the fair value of those shares, in cash, if the transaction becomes effective. (b) A stockholder who desires to receive payment of the fair value for shares under this section, within 30 days after the […]
Section 3-607 – Reserves
(a) (1) In this section the following words have the meanings indicated. (2) “Demand deposit” means a deposit that is payable within 30 days. (3) (i) “Time deposit” means a deposit that is payable after 30 days. (ii) “Time deposit” includes a savings account or certificate of deposit that requires at least a 30–day notice before payment. (b) This section does not […]