1770

LAWS OF MARYLAND

[Ch. 311

subtitle.
6-122. STOCK LEDGER.

(A)   LEDGER REQUIRED; PRESUMPTIONS.

(1)    EACH STATE BANK SHALL MAINTAIN A STOCK
LEDGER. THE LEDGER SHALL CONTAIN THE NAME AND ADDRESS OF
EACH STOCKHOLDER AND THE NUMBER OF SHARES OF STOCK HE
HOLDS.

(2)    IN ANY PROCEEDING, THE STOCK LEDGER IS
PRESUMPTIVE EVIDENCE OF THE FACTS STATED IN IT.

(B)   RIGHT OF INSPECTION; REFUSAL.

(1)   ANY STOCKHOLDER, DIRECTOR, OR OFFICER OF
A STATE BANK MAY INSPECT THE STOCK LEDGER DURING USUAL
BUSINESS HOURS.

(2)   FAILURE TO EXHIBIT THE STOCK LEDGER TO AN
INDIVIDUAL ON HIS RIGHTFUL DEMAND SUBJECTS THE OFFICER
RESPONSIBLE FOR THE REFUSAL TO A $50 FORFEITURE WHICH THE
COMMISSIONER SHALL COLLECT AS A COMMON DEBT.

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

The term "stock ledger" is substituted for
"stock book" to conform with the nomenclature
used in Title 2 of this article.

In subsection (a) of this section, the
requirement that the stock ledger contain the
address of each stockholder is added to
conform with Title 2 of this article and to
correct a probable oversight since the address
is necessary for payment of dividends and
notice to stockholders.

The provisions of present § 66 which relate to
voting rights and the manner of voting are
included in §6—120(c) of this subtitle, with
respect to stock of a State bank, and
§6-141(b) of this subtitle, with respect to
stock of a trust company.

The provisions of present § 66 as they relate
to the stock ledger of a trust company are
included in §6-143 of this subtitle.

6-123. ANNUAL MEETING OF STOCKHOLDERS.