2036

LAWS OF MARYLAND

[Ch. 311

[shall] hereafter [be] applicable or permitted under
federal law to any national banking association [,
provided, however, that]. HOWEVER, this power [shall]
only MAY become available to the State banks and trust
companies of this State with the authorization by
majority vote of the Bank Commissioner, the three
appointed members of the Banking Board, and three
persons, not employed by any banking institution, to be
appointed by the Governor[,] with the advice of the
Secretary of Licensing and Regulation[,] for a two—year
term, one of whom shall be an economist, one of whom
shall be a certified public accountant, and [the third
member] ONE OF WHOM shall be a member of the general
public. [Such] THIS authorization [shall] MAY be given
only if it is deemed reasonably required to preserve and
protect the welfare of [such] THESE institutions, the
general economy of this State, and will not be
detrimental to the public interest and the stability of
the institutions.

68.

[Any bank, savings institution or trust company,
heretofore incorporated under any general or special law
of this State, and any bank, savings institution or trust
company, hereafter created under this article, may amend
its charter, articles of incorporation, or association,
in manner not inconsistent with the provisions of law, at
any time, and in the case of banking institutions having
capital stock such amendment shall be by a vote of its
stockholders, representing two thirds of the capital
stock, such vote to be taken at a meeting called for that
purpose. Such amendment, certified by the president and
cashier, or treasurer shall be executed, approved, filed
and recorded as required for articles of incorporation.

Unless the required surplus will permit, no increase
of capital shall be valid until the amount thereof has
been subscribed, and actually paid in the manner required
by this subtitle for subscriptions to original stock.
do] A BANKING INSTITUTION MAY NOT DECLARE A stock
dividend [shall be declared by any banking institution]
unless the remaining surplus funds of the institution
[shall be] ARE entirely sufficient to take care of all
losses[,] and [unless] the surplus of [said] THE
[banking] institution, after the increase in capital
[shall be], IS at least equal to [twenty per cent (20%)]
20 PERCENT of the capital stock as increased. If the
surplus of any banking institution increasing its capital
by a stock dividend [shall], after such increase, [be ]
IS less than [one hundred] 100 percent [ (100%) ] of its
capital as increased, [such] THE banking institution
shall transfer to surplus at the close of a fiscal period
annually not less than [ten] 10 percent [ (10%)] of its