Section 3-708 – Approval by Stockholders
(a) The agreement shall be submitted to the stockholders of each constituent bank for approval by them at a meeting called for that purpose. (b) (1) In addition to any other required notice, the directors of each constituent bank shall give 2 weeks’ public notice of the meeting of stockholders. (2) The public notice shall be published once in […]
Section 3-709 – Certificate of Consolidation, Merger, or Transfer of Assets
(a) When the executed agreement and a copy of the resolution of the stockholders of each constituent bank, certified by its secretary or cashier, have been filed with the Commissioner and the Commissioner has approved the transaction, the Commissioner shall issue to the successor a certificate of consolidation, merger, or transfer of assets that sets forth […]
Section 3-710 – Recording of Documents
(a) The successor shall act promptly to file and record the agreement in the same manner as required for articles of incorporation. (b) One of the following certificates may be recorded in any office where deeds are recorded to evidence the new name in which the property of the constituent banks is held: (1) A certificate of consolidation, […]
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 3-506 – Optional Provisions for Fund Plans
(a) A fund plan may provide for: (1) The amortization of premiums on bonds or other obligations; (2) The disposition of discounts, profits, stock rights, stock dividends, and extraordinary dividends; (3) The allocation or apportionment between principal or income of the items specified in item (2) of this subsection; and (4) Any other similar matters. (b) To the extent that a […]
Section 3-507 – Optional Method of Administration
Notwithstanding any other provision of this subtitle, a trust company may provide in a fund plan that the fund shall be administered in accordance with those federal rules and regulations that relate to the collective investment of trust funds by national banking associations.
Section 3-508 – Filing of Fund Plan; Inspection; Copying
(a) A copy of the fund plan and any amendments to it shall be filed at the principal banking office of the trust company, where it shall be available during regular business hours for inspection by any cofiduciary or person who has an interest in a participating account. (b) On a reasonable request, a copy of the […]
Section 3-509 – Amendment of Fund Plan
A fund plan may be amended only: (1) Prospectively; and (2) By written amendments that are approved by resolution of the board of directors of the trust company.