Section 3-409 – Officers
(a) Within 15 days after the annual meeting of the stockholders and after the directors–elect have qualified, the board of directors of a commercial bank shall meet and elect the officers of the commercial bank. (b) Unless the bylaws provide otherwise, each officer serves for a term of 1 year and until a successor is elected and […]
Section 3-309 – Stock Ledger
(a) (1) Each commercial bank shall keep a stock ledger, which shall contain the name and address of each stockholder and the number of shares of stock that the stockholder holds. (2) In any proceeding, the stock ledger is presumptive evidence of the facts stated in it. (b) (1) Any stockholder, director, or officer of a commercial bank may inspect […]
Section 3-310 – Annual Meeting of Stockholders
(a) The annual meeting of the stockholders of a commercial bank shall be held at the time and place that the bylaws provide. (b) (1) In addition to any other required notice, at least one notice of the annual meeting shall be published at least 10 days before the meeting in a newspaper published or circulated in the […]
Section 3-311 – Oath of Stockholder Before Voting
(a) On demand of a stockholder, a person may not vote any share of capital stock that, on the stock ledger of a commercial bank, appears to have been transferred within the preceding year, unless the person takes an oath as provided in this section. (b) The challenged voter shall take an oath, before the judges of […]
Section 3-312 – Debt Instruments
(a) If the Commissioner approves, a commercial bank may issue and sell debt instruments that are repayable on the terms and bear the rate of interest, if any, stated in the instruments. (b) The issuance of a debt instrument does not impair the capital stock of a commercial bank if the amount of the debt instrument is […]
Section 3-314 – Approval of Commissioner of Certain Stock Transactions
(a) (1) In this section the following words have the meanings indicated. (2) “Bank holding company” has the meaning stated in the Federal Bank Holding Company Act of 1956. (3) “Stock acquisition” means: (i) An acquisition of the outstanding voting stock of a commercial bank or bank holding company in this State, if the acquisition will affect the power to […]
Section 3-211.1 – Receivership — Nondepository Trust Company
(a) In this section, “receivership” means a proceeding in which: (1) The Commissioner takes possession of a nondepository trust company in accordance with § 5–601, § 5–602, or § 5–602.1 of this article; and (2) A receiver is appointed in accordance with § 5–605 of this article. (b) (1) A nondepository trust company shall pledge securities or deliver a surety […]
Section 3-212 – Examination Before Certification
(a) After its articles of incorporation are filed for record and its required capital stock and surplus are paid in full, the commercial bank shall give to the Commissioner: (1) Notice that the commercial bank has complied with all of the applicable provisions of this title; and (2) A certified list of all of its stockholders, including their […]
Section 3-213 – Charter Amendments
(a) Any commercial bank may amend its charter, in any manner not inconsistent with law, as provided in this section. (b) A proposed amendment shall be approved at a meeting called for that purpose, by the affirmative vote of the holders of two thirds of the capital stock of the commercial bank. (c) If the proposed amendment is […]
Section 3-102 – Applicability of Article to Certain Trust Companies
Every trust company has the powers granted by, and is subject to, the provisions of this article that relate to trust companies. However, except as provided in § 3-209(b) of this title as to the establishment of branches, the provisions of this article do not repeal, modify, or affect any special right, privilege, or power […]