188

LAVS OF MARYLAND

Ch. 33

A SUBSCRIPTION FOR THE ORIGINAL CAPITAL STOCK OF A
COMMERCIAL BANK SHALL CONFORM, TO THE EXTENT APPLICABLE, TO
THE PROVISIONS OF THE MARYLAND GENERAL CORPORATION LAW THAT
RELATE TO STOCK SUBSCRIPTIONS.

REVISOR'S NOTE; This subsection presently appears as CA
§ 6-120(a).

It is revised to apply to all "commercial banks",
including trust companies, to correct what
appears to have been only an inadvertent
omission.

The only other changes are in style.

As to the general applicability of the Maryland
General Corporation Law, see § 1—201 of this
article.

(B)   INCREASES IN CAPITAL STOCK.

AN INCREASE IN THE OUTSTANDING CAPITAL STOCK OF A
COMMERCIAL BANK IS NOT VALID UNLESS:

(1)   THE REQUIRED SURPLUS IS SUFFICIENT TO PERMIT
THE INCREASE; OR

(2)   THE AMOUNT OF THE INCREASE IS SUBSCRIBED FOR
AND PAID AS REQUIRED FOR SUBSCRIPTION FOR ORIGINAL CAPITAL
STOCK.

REVISOR'S NOTE: This subsection presently appears as CA
§ 6-156.

In the introductory clause of this subsection,
the term "outstanding" is added to clarify that
these provisions affect issuances of additional
stock, and not increases of authorized stock.

The only other changes are in style.

The term "commercial bank" is defined in § 1—101
of this article.

(C)      VOTING.

(1)       EACH SHARE OF COMMON STOCK IS ENTITLED TO
ONE VOTE.

(2)      A STOCKHOLDER MAY VOTE IN PERSON OR BY PROXY
THE CAPITAL STOCK THAT THE STOCKHOLDER OWNS OF RECORD.

REVISOR'S NOTE: This subsection is new language that
combines without substantive change the identical
provisions of CA §§ 6-120(c) and 6-141(b).