1776

LAWS OF MARYLAND

[Ch. 311

THE BOARD OF DIRECTORS SHALL FILL ANY VACANCY ON THE
BOARD AND THE DIRECTOR SO ELECTED HOLDS OFFICE UNTIL THE
NEXT ELECTION.

REVISOR'S NOTE: This section is new language derived
without substantive change from the first and
the third through seventh sentences of Art.
11, § 34 and the last paragraph of Art. 11,
§70.

In subsection (b)(3)(ii) of this section, the
term "debt instrument," which is defined in
§6—101(e) of this subtitle, is substituted for
the phrase "capital notes and/or
debentures...," since the defined term also
includes bonds and certificates of beneficial
interest. The last paragraph of present §70
indicates all debt instruments are to be
included.

6-128, OFFICERS.

WITHIN 15 DAYS AFTER THE ANNUAL MEETING OF THE
STOCKHOLDERS AND AFTER THE DIRECTORS-ELECT HAVE
QUALIFIED, THE BOARD OF DIRECTORS SHALL MEET AND ELECT
THE OFFICERS OF THE STATE BANK. UNLESS THE BOARD REMOVES
THE OFFICER, HE SERVES FOR ONE YEAR AND UNTIL HIS
SUCCESSOR IS ELECTED AND QUALIFIES.

REVISOR'S NOTE: This section is new language derived
without substantive change from the eighth
sentence of Art. 11, §34.

6-129. CONVERSION OF STATE BANK INTO NATIONAL BANK.

(A)   GENERAL RULE.

ANY STATE BANK MAY CONVERT INTO A NATIONAL BANK AS
PROVIDED BY FEDERAL LAW.

(B)   NOTICE OF INTENT.

AT THE SAME TIKE THAT A STATE BANK APPLIES TO THE

COMPTROLLER OF THE CURRENCY, IT ALSO SHALL FILE WITH THE

COMMISSIONER A FORMAL NOTICE OF ITS INTENT TO CONVERT
INTO A NATIONAL BANK.

(C)   CERTIFICATE.

IF THE COMPTROLLER OF THE CURRENCY ISSUES A
CERTIFICATE OF AUTHORITY TO COMMENCE BUSINESS AS A
NATIONAL BANK, THE CHARTER OF THE STATE BANK TERMINATES
IMMEDIATELY AND THE CONVERTED BANK SHALL: