1800

LAWS OF MARYLAND

[Ch. 311

(2)   WILL NOT VIOLATE KNOWINGLY OR PERMIT
KNOWINGLY A VIOLATION OF ANY PROVISION OF THIS SUBTITLE
OR OTHER APPLICABLE LAW; AND

(3)   OWNS IN GOOD FAITH THE AMOUNT OF CAPITAL
STOCK REQUIRED UNDER SUBSECTION (B) OF THIS SECTION,

(D)   ELECTIONS.

AT THE ANNUAL MEETING OF THE STOCKHOLDERS, THEY
SHALL ELECT THE DIRECTORS.

(E)   VACANCY.

THE BOARD OF DIRECTORS SHALL FILL ANY VACANCY ON THE
BOARD WHICH OCCURS BETWEEN ELECTIONS.

REVISOR'S NOTE: This section is new language derived
from the first, the third, the fourth, the
first two clauses of the sixth, the seventh
and the eighth sentence of Art. 11, §60 and the
last paragraph of Art. 11, §70.

In subsection (b)(2)(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 tern also
includes bonds and certificates of beneficial
interest. The last paragraph of present §70
indicates all debt instruments are to be
included.

6-149. 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 TRUST COMPANY. UNLESS THE BOARD
REMOVES AN 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 sixth
sentence of Art. 11, §60.

6-150. VOLUNTARY LIQUIDATION,

(A) GENERAL RULE.

A TRUST COMPANY MAY LIQUIDATE VOLUNTARILY BY VOTE OF
THE STOCKHOLDERS WHO OWN TWO-THIRDS OF ITS CAPITAL STOCK
IF THE COMMISSIONER APPROVES AND DETERMINES THAT THE
TRUST COMPANY IS SOLVENT.