MARVIN MANDEL, Governor

1769

(G) RETIREMENT.

(1)    THE PREFERRED STOCK IS SUBJECT TO
RETIREMENT IN THE MANNER AND ON THE TERMS AND CONDITIONS
WHICH THE COMMISSIONER APPROVES AND FOR WHICH THE CHARTER
PROVIDES.

(2)    SUBJECT TO THE APPROVAL OF THE
COMMISSIONER, THE STATE BANK MAY RETIRE PREFERRED STOCK
OUT OF ANY SURPLUS IN EXCESS OF THAT REQUIRED BY THIS
SUBTITLE, BUT THE STATE BANK MAY NOT HAVE AT ANY TIME
LESS THAN ITS REQUIRED MINIMUM CAPITAL STOCK.

(H) LIQUIDATION.

(1) IF A STATE BANK IS PLACED IN VOLUNTARY OR
INVOLUNTARY LIQUIDATION OR A CONSERVATOR OF RECEIVER IS
APPOINTED FOR IT, THE HOLDERS OF COMMON STOCK MAY NOT BE
PAID UNTIL THE HOLDERS OF PREFERRED STOCK ARE PAID:

(I)   THE AMOUNT PROVIDED IN THE CHARTER BUT
NOT MORE THAN THE PURCHASE PRICE AND NOT LESS THAN THE
PAR VALUE; AND

(II)   AN AMOUNT EQUAL TO ALL ACCUMULATED AND
UNPAID DIVIDENDS.

REVISOR'S NOTE: This section is new language derived
without substantive change from Art. 11, §
69, as it relates to State banks.

In subsection (b)(1) of this section, the
words "articles of incorporation" are deleted
in light of the word "charter," which is
defined in Title 1 of this article to include,
among other charter documents, articles of
incorporation.

In subsection (b) (2) of     this section, the

procedure used in Title    2 of this article is

inserted here to clarify the present § 69
provisions.

The definition of "common stock," in the last
paragraph of present §69, is deleted as
unnecessary. The definition of "capital
stock" is included in §6—101(c) of this
subtitle.

The provisions for charter amendments by a
State bank appear in §6—155 of this subtitle.

The provisions of present § 69 as they relate
to trust companies appear in §6-142 of this