1792

LAWS OF MARYLAND

[Ch. 311

(A)   SHARES.

THE CAPITAL STOCK SHALL BE DIVIDED INTO SHARES WITH
AT LEAST A $10 PAR VALUE.

REVISOR'S NOTE: This subsection is new language
derived without substantive change from the
third item in the first paragraph of Art. 11,
§53.

(B)   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 trust companies.

In subsection (b)(1) of this section, the
provision is limited to common stock because
the voting rights of preferred stock appear in
§6-142(f) of this subtitle.

The provisions of present §66 as they relate
to State banks appear in §6—120(c) of this
subtitle.

6-142. PREFERRED STOCK.

(A)       GENERAL RULE.

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

(B)   PROCEDURE.

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

(2)    IF THE TRUST COMPANY 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