HARRY HUGHES, Governor

199

VOTING RIGHTS THAT THE CHARTER PROVIDES AND THE BANK
COMMISSIONER APPROVES.

(2) A REFERENCE IN THIS ARTICLE TO A REQUIRED
VOTE OF THE HOLDERS OF THE CAPITAL STOCK OF A COMMERCIAL
BANK INCLUDES HOLDERS OF DEBT INSTRUMENTS TO THE EXTENT THAT
THEY ARE ENTITLED TO VOTE UNDER THIS SUBSECTION.

(F) RETIREMENT.

BEFORE A COMMERCIAL BANK RETIRES OR PAYS ANY DEBT
INSTRUMENT:

(1)       IT SHALL OBTAIN THE APPROVAL OF THE BANK
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
COMMERCIAL BANK ARE AT LEAST EQUAL TO ITS CAPITAL STOCK.

REVISOR'S NOTE: This section is new language that
combines without substantive change the identical
provisions of CA §§ 6—125 and 6—146.

In subsection (a) of tils section, the present
term "hypothecate" is deleted as inappropriate.

Subsection (e)(2) of this section is new language
added for clarity.

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

The term "debt instrument" is defined in § 3-101
of this title.

3-313. REPORTS TO BANK COMMISSIONER ON STOCKHOLDERS.

(A) REPORT REQUIRED.

EACH COMMERCIAL BANK SHALL REPORT TO THE BANK
COMMISSIONER ON ITS STOCKHOLDERS:

(1)   AT LEAST ONCE A YEAR, AT THE TIME THAT THE
BANK COMMISSIONER SPECIFIES; AND

(2)   AT ANY OTHER TIME THAT THE BANK COMMISSIONER
CONSIDERS NECESSARY.

(B)   CONTENTS AND EXECUTION.

EACH REPORT MADE UNDER THIS SECTION SHALL:

(1) LIST THE NAMES AND RESIDENCE ADDRESSES OF
THE STOCKHOLDERS OF THE COMMERCIAL BANK AND THE AMOUNT OF
STOCK EACH HOLDS; AND