§ 3-301

Maryland § 3-301

• Jurisdiction: Maryland
• Article gfi: Financial Institutions
• Title: 3

Text

(a) A subscription for the original capital stock of a commercial bank shall conform, to the extent applicable, to the provisions of the Maryland General Corporation Law that relate to stock subscriptions.

(b) An increase in the outstanding capital stock of a commercial bank is not valid unless:

(1) The commercial bank has sufficient surplus so that after the increase in capital stock its surplus will equal at least 20 percent of its capital stock; or

(2) The amount of the increase is subscribed for and paid as required for subscription for original capital stock.

(c) (1) Each share of common stock is entitled to one vote.

(2) A stockholder may vote in person or by proxy the capital stock that the stockholder owns of record.