MARVIN MANDEL, Governor

1767

AT LEAST A $10 PAR VALUE,

REVISOR'S NOTE: This subsection is new language
derived without substantive change from the
fourth item of Art. 11, §29.

(C) VOTING.

(1)   EACH SHARE OF COMMON STOCK IS ENTITLED TO
ONE VOTE.

(2)   A STOCKHOLDER MAY VOTE THE STOCK HE OWNS
OF RECORD IN PERSON OR BY PROXY.

REVISOR'S NOTE: This subsection is new language
derived without substantive change from the
last two sentences of Art. 11, §66, as they
relate to State banks.

In subsection (c)(1) of this section, the
provision is limited to common stock because
the voting rights of preferred stock appear in
§6-121 of this subtitle.

The provisions of present §66 as they relate
to trust companies appear in §6—141(b) of this
subtitle.

6-121. PREFERRED STOCK.

(A)   GENERAL RULE.

IF THE COMMISSIONER APPROVES, A STATE BANK MAY ISSUE
PREFERRED STOCK AS PROVIDED IN THIS SECTION.

(B)   PROCEDURE.

(1)    IF THE STATE BANK HAS NOT ISSUED COMMON
STOCK, ITS BOARD OF DIRECTORS MAY AMEND ITS CHARTER AS
NECESSARY AND THE STATE BANK MAY ISSUE PREFERRED STOCK IN
THE AMOUNT AND WITH THE PAR VALUE WHICH THE COMMISSIONER
APPROVES.

(2)   IF A STATE BANK HAS ISSUED COMMON STOCK:

(I)    ITS BOARD OF DIRECTORS SHALL ADOPT A
RESOLUTION WHICH SETS FORTH THE PROPOSED ISSUANCE AND
DECLARES THAT IT IS ADVISABLE AND DIRECT THAT THE
PROPOSAL BE SUBMITTED FOR CONSIDERATION AT EITHER AN
ANNUAL OR A SPECIAL MEETING OF THE STOCKHOLDERS;

(II)    NOTICE THAT A PURPOSE OF THE MEETING
WILL BE TO ACT ON THE PROPOSAL SHALL BE GIVEN BY THE
STATE BANK TO EACH STOCKHOLDER BY REGISTERED MAIL AT