HARRY HUGHES, Governor

207

CA § 6-148(d), which indicates that the directors
of a trust company are elected to serve from
annual meeting to annual meeting. (Cf., § 3—405
of this subtitle.)

The phrase "serves until the next annual meeting
..." is substituted for the present "holds office
for one year" to reflect the provisions of §
3—405(b) of this subtitle, under which it is
possible to be elected for a term of less than 1
full year.

The only other changes are in style.

3-407. ADDITIONAL DIRECTORSHIPS.

(A)       HOW CREATED.

SUBJECT TO THE LIMITATION IN § 3-402 OF THIS SUBTITLE,
AT ANY MEETING OF THE STOCKHOLDERS OF A COMMERCIAL BANK, THE
STOCKHOLDERS MAY CREATE UP TO TWO ADDITIONAL DIRECTORSHIPS.

(B)        WHEN BOARD MAY FILL ADDITIONAL DIRECTORSHIPS.

THE STOCKHOLDERS MAY LEAVE THE TWO ADDITIONAL
DIRECTORSHIPS VACANT, TO BE FILLED IN THE DISCRETION OF THE
BOARD OF DIRECTORS.

REVISOR'S NOTE: This section is new language derived
from CA § 6-153.

This section is revised to apply only to the
creation of directorships in a "commercial bank"
— as defined in § 1—101 of this article. This
change enables members of a savings bank to
create directorships under the provisions of the
Maryland General Corporation Law. While the
Commission to Revise the Annotated Code notes
that the authority conferred under that law is
broader than the authority under present CA §
6—153, the Commission determined that the
restrictions of present CA § 6—153 were
inappropriate as to a savings bank because of its
mutual association form.

In subsection (a) of this section, the
introductory clause "(s}ubject to ... § 3—402 of
this subtitle" is added for clarity.

The only other changes are in style.

As to the board filling vacancies, see § 3—409 of
this subtitle.

3-408. ATTENDANCE AT BOARD MEETINGS.

(A) ATTENDANCE REQUIRED.