190

LAWS OF MARYLAND

Ch. 33

(F)   RETIREMENT.

(1)   A COMMERCIAL BANK MAY RETIRE PREFERRED STOCK
IN THE MANNER AND ON THE TERMS AND CONDITIONS THAT THE
CHARTER PROVIDES AND THE BANK COMMISSIONER APPROVES.

(2)   IF THE BANK COMMISSIONER APPROVES, THE
COMMERCIAL BANK MAY RETIRE ITS PREFERRED STOCK OUT OF ANY
SURPLUS ABOVE THAT REQUIRED BY THIS TITLE.

(3)   THE COMMERCIAL BANK MAY NOT HAVE AT ANY TIME
LESS THAN ITS REQUIRED CAPITAL STOCK.

(G)   LIQUIDATION.

IF A COMMERCIAL BANK DISSOLVES VOLUNTARILY OR A
RECEIVER IS APPOINTED FOR IT, THE HOLDERS OF ITS COMMON
STOCK MAY NOT BE PAID UNTIL THE HOLDERS OF ITS PREFERRED
STOCK ARE PAID, FOR EACH OF THEIR SHARES:

(1)   THE AMOUNT THAT THE CHARTER PROVIDES, BUT
NOT MORE THAN THE PURCHASE PRICE UNDER SUBSECTION (B) OF
THIS SECTION AND NOT LESS THAN THE PAR VALUE; AND

(2)   ALL ACCUMULATED AND UNPAID DIVIDENDS.

REVISOR'S NOTE: This section is new language that
combines the identical provisions of CA §§ 6—121
ana 6-142.

In subsection (g) of this section, the phrase
"dissolves voluntarily" is substituted for the
phrase "placed in voluntary ... liquidation" to
conform to the terminology used elsewhere in the
article. See § 3-803 of this title.

Also in subsection (g) of this section, the
present references to placement in "involuntary
liquidation" and to appointment of a
"conservator" are deleted as unnecessary in light
of the reference to appointment of a "receiver".
In this regard, see Title 5, Subtitle 6 of this
article.

Present CA §§ 6-121(b)(2)(ii) and (iii) and
6-142(b)(2)(ii) and (iii), which relate to the
adoption of charter amendments by stockholders,
now appear in § 3—213 of this title. The balance
of present CA §§ 6-121(b)(2)(i) and (iv) and
6-142(b)(2)(i) and (iv) — other than those
requiring approval by the Bank Commissioner —
are deleted as unnecessary since they add nothing
to that already provided in the Maryland General
Corporation Law.

The only other changes are in style.