784                                          LAWS OF MARYLAND                                  Ch. 262

Section 6-125(f) and 6-146(f)

Annotated Code of Maryland

(1975 Volume and 1975 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Sections 6-125(f) and 6-146(f) of Article
— Corporations and Associations, of the Annotated Code of
Maryland (1975 Volume and 1975 Supplement) be and they
are hereby repealed [[and reenacted, with amendments, to
read as follows:]].

[[Article — Corporations and Associations

6-125.

(f) Before a State bank, retires or pays any debt
instrument, any existing deficit in its capital,
disregarding any debt instrument to be retired, shall be
paid in cash so that the sound capital assets of the
State bank are at least equal to its capital stock.
BEFORE RETIRING OR PAYING ANY DEBT INSTRUMENT, A STATE
BANK SHALL OBTAIN THE APPROVAL OF THE COMMISSIONER.

6-146.

(f) Before the trust company retires or pays any
debt instrument, any existing deficit in its capital,
disregarding any debt instrument to be retired, shall be
paid in cash so that the sound capital assets of the
trust company are at least equal to its capital stock.
BEFORE RETIRING OR PAYING ANY DEBT INSTRUMENT, A TRUST
COMPANY SHALL OBTAIN THE APPROVAL OF THE COMMISSIONER.]]

SECTION 2. AND BE IT FURTHER ENACTED, That new
Sections 6—125(f) and 6—146(f) be and they are hereby
added to Article — Corporations and Associations, of the

Annotated Code of Maryland (1975 Volume and 1975

Supplement), to read as follows:

Article — Corporations and Associations

(F) BEFORE A STATE BANK RETIRES OR PAYS ANY DEBT
INSTRUMENT:

(1) IT SHALL OBTAIN THE APPROVAL OF THE

COMMISSIONER; AND

(2) ANY EXISTING DEFICIT IN ITS CAPITAL,
DISREGARDING ANY DEBT INSTRUMENT TO BE RETIRED, SHALL BE

PAID IN CASH SO THAT THE SOUND__CAPITAL ASSETS OF THE

STATE BANK ARE AT LEAST EQUAL TO ITS CAPITAL STOCK.

6-146.

(F) BEFORE A TRUST COMPANY RETIRES OR PAYS ANY

DEBT INSTRUMENT: