1794

LAWS OF MARYLAND

[Ch. 311

EACH HOLDER OF PREFERRED STOCK SHALL HAVE THE VOTING
RIGHTS WHICH THE COMMISSIONER APPROVES AND FOR WHICH THE
CHARTER PROVIDES.

(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 TRUST COMPANY MAY RETIRE PREFERRED
STOCK OUT OF ANY SURPLUS IN EXCESS OF THAT REQUIRED BY
THIS SUBTITLE, BUT THE TRUST COMPANY MAY NOT HAVE AT ANY
TIME LESS THAN ITS REQUIRED MINIMUM CAPITAL STOCK.

(H) LIQUIDATION.

IF A TRUST COMPANY IS PLACED IN VOLUNTARY  OR

INVOLUNTARY LIQUIDATION OR A CONSERVATOR OR RECEIVER     IS

APPOINTED FOR IT, THE HOLDERS OF COMMON STOCK MAY NOT   BE
PAID UNTIL THE HOLDERS OF PREFERRED STOCK ARE PAID:

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

(2)   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 trust companies.

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 amendment by a