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LAWS OF MARYLAND

Ch. 33

DUTIES OF THE OFFICE; AND

(2) NOT TO VIOLATE KNOWINGLY OR PERMIT KNOWINGLY
A VIOLATION OF ANY LAW THAT RELATES TO THE COMMERCIAL BANK.

REVISOR'S NOTE: This section is new language that
combines the similar provisions of CA §§ 6—127(c)
and 6—148(c) and revises them to establish a
uniform standard for all commercial banks. See
the last paragraph of revisor's note to § 3—202
of this title.

See Art. 1, § 9 of the Code, which authorizes an
affirmation to be made in place of an "oath".

Present CA §§ 6-127(c)(3) and 6-148(c)(3), which
refer to compliance with the stock ownership
requirements, are deleted as unnecessary in light
of the broad prohibition in item (2) of this
section against a knowing violation of applicable
law.

3-405. ELECTION OF DIRECTORS.

(A)       AT ANNUAL MEETING.

THE STOCKHOLDERS OF A COMMERCIAL BANK SHALL ELECT
DIRECTORS AT EACH ANNUAL MEETING OF THE STOCKHOLDERS.

(B)       AT LATER MEETING.

IF THE ELECTION OF THE DIRECTORS IS NOT HELD AT THE
ANNUAL MEETING, AN ELECTION MAY BE HELD AT A LATER MEETING
CALLED FOR THAT PURPOSE. NOTICE OF THE LATER MEETING SHALL
BE GIVEN AS THE BYLAWS PROVIDE.

REVISOR'S NOTE: This section is new language derived
from CA § 6—127(e), as to State banks, and made
applicable to trust companies in place of present
CA § 6-148(d).

The present provision for election of "initial
directors" is deleted as unnecessary in light of
new § 3-202(b)(6) of this title.

3-406. TENURE OF DIRECTORS.

A DIRECTOR OF A COMMERCIAL BANK SERVES UNTIL THE NEXT
ANNUAL MEETING OF THE STOCKHOLDERS AND UNTIL A SUCCESSOR IS
ELECTED AND QUALIFIES.

REVISOR'S NOTE: This section is new language derived
from CA § 6-127(d).

Although present CA § 6-127(d) only applies to
State banks, it is revised to apply also to trust
companies. This change is supported by present