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.
Section 3-510 – Investment in Fund
A trust company, acting in a fiduciary capacity, may invest money in one or more common trust funds if: (1) The trust company holds the money for investment; and (2) The instrument or authorization that created the fiduciary relationship does not contain any terms inconsistent with this type of investment.
Section 3-511 – Cofiduciaries
(a) A trust company may invest in a common trust fund money from an account that it administers as a cofiduciary if the trust company: (1) Otherwise may do so under § 3-510 of this subtitle; and (2) First obtains the written consent of all other cofiduciaries of that account. (b) A trust company that administers a common trust […]
Section 3-512 – Limitations on Investments and Interests
(a) Except as otherwise provided in this section, a trust company may not: (1) Invest its own funds in a common trust fund that it administers; or (2) Have any interest, other than its fiduciary interest, in the assets in a common trust fund that it administers. (b) If, because of a creditor relationship or otherwise, a trust company […]
Section 3-305 – Reduction of Capital
(a) A reduction of the outstanding capital stock of a commercial bank: (1) Is not valid unless approved by the Commissioner; and (2) May not be made to an amount that is less than that required in § 3-209(b) of this title. (b) The Commissioner shall base approval on a finding that the assets of the commercial bank remaining […]
Section 3-406 – Attendance at Board Meetings
(a) Each director of a commercial bank shall attend at least one half of the regularly scheduled board meetings that are held during the director’s term of office. (b) (1) Any director who fails to attend meetings of the board of directors as required by this section is disqualified automatically from serving as director for a succeeding term. […]
Section 3-306 – Maintenance of Surplus; Losses
(a) If the surplus of a commercial bank at any time is less than 100 percent of its capital stock, then, until the surplus is 100 percent of the capital stock, the commercial bank: (1) Shall transfer to its surplus annually at least 10 percent of its net earnings; and (2) May not declare or pay any cash […]
Section 3-407 – Vacancies
The board of directors of a commercial bank may fill any vacancy on the board by electing an individual to serve until the next annual meeting of the stockholders and until a successor is elected and qualifies.