HARRY HUGHES, Governor

173

Subsection (b)(4) of this section is new language
derived, in part, from present CA §6 6-113(b)(2)
and 6—134(b)(1) and, as to the restriction on
names, revised to conform the present,

inconsistent standards of CA §§ 6-113(c) and
6—134 (c) with the practice of the Bank
Commissioner.

Subsection (b)(5) of this section combines
without substantive change identical provisions
of present CA §§ 6-113(b)(3) and 6-134(b)(2).

Subsection (b) (6) of this section is new language
added to adopt the more modern approach of the
Maryland General Corporation Law to name the
first directors in the articles of incorporation.
See CA § 2-104 (a) (8); see also revisor's note to
§ 3—401 of this title. As to the required number
of directors, see § 3-402 of this title.

In subsection (b)(6) of this section, the
reference to "residence addresses" is new
language added in light of § 3-403(b) of this
title. That provision requires that a majority
of the directors of a State bank be residents of
this State.

Subsection (c) of this section is new language
patterned after CA § 2-104(b)(4). It is repeated
here in light of the transfer to this article of
various voting provisions that presently appear
in the Corporations and Associations Article and
to which this rule applies.

Present CA § 6-134(b) (4) and (5), which relates
to the "member{s} " of a trust company, is deleted
as obsolete and, given the new provisions of
subsection (b)(1) and (6) of this section,
unnecessary. To the extent that CA 6 6-134(b) (5)
might be read to require those named as directors
to state in the articles that they will
"discharge faithfully" the duties of a director,
§ 3—404 of this title, which requires each
director to take an oath, accomplishes the same
result.

The terms "address", "commercial bank", "county",
and "municipal area" are defined in § 1-10 1 of
this article.

The terms "capital stock", "State bank", and
"trust company" are defined in § 3—101 of this
title.

As to the minimum amount of capital stock for
which the articles of incorporation must provide,