MARVIN MANDEL, Governor

1803

(A)   GENERAL PROHIBITION.

BANKING INSTITUTIONS MAY NOT HAVE DUAL DIRECTORSHIPS
UNLESS THE COMMISSIONER FINDS THAT A DUAL DIRECTORSHIP IS
IN THE PUBLIC INTEREST AND NOT DETRIMENTAL TO EITHER
BANKING INSTITUTION.

(B)   EXCEPTION.

AN INDIVIDUAL WHO NOW IS SERVING A DUAL DIRECTORSHIP
MAY COMPLETE HIS TERM OF OFFICE AND MAY BE RE-ELECTED TO
HIS DUAL DIRECTORSHIP.

REVISOR'S NOTE: This section is new language derived
without substantive change from Art. 11,
§108B.

The last sentence of present 108B is deleted
as unnecessary in light of the definition of
"banking institution" in §6—101(b) of this
subtitle.

6-155. CHARTER AMENDMENTS - IN GENERAL.

(A)   PERMITTED.

ANY BANKING INSTITUTION MAY AMEND ITS CHARTER IN ANY
MANNER NOT INCONSISTENT WITH LAW.

(B)   MANNER OF ADOPTING AMENDMENTS.

AN AMENDMENT SHALL BE ADOPTED AT A MEETING CALLED
FOR THAT PURPOSE IN THE FOLLOWING MANNER:

(1) FOR A SAVINGS INSTITUTION:

(1)         BY VOTE IN PERSON OR BY PROXY OF
TWO-THIRDS OF ITS CORPORATE MEMBERS OR SIMILAR GOVERNING
BODY; OR

(II) IF THERE IS NO GOVERNING BODY, BY VOTE
OF TWO-THIRDS OF THE BOARD OF DIRECTORS; AND

(2)         FOR A STATE BANK OR TRUST COMPANY, BY
VOTE OF THE HOLDERS OF TWO-THIRDS OF ITS CAPITAL STOCK.

(C)   FILING.

THE PRESIDENT OF THE BANKING INSTITUTION AND EITHER
ITS CASHIER OR TREASURER SHALL CERTIFY AN AMENDMENT TO
ITS CHARTER WHICH SHALL BE SIGNED, FILED FOR EXAMINATION,
AND IF APPROVED, FILED FOR RECORD AS REQUIRED FOR THE
ARTICLES OF INCORPORATION OF THE BANKING INSTITUTION.