208

LAWS OF MARYLAND

Ch. 33

EACH DIRECTOR OF A COMMERCIAL BANK SHALL ATTEND AT
LEAST ONE-HALF OF THE REGULARLY SCHEDULED BOARD MEETINGS
THAT ARE HELD DURING HIS THE DIRECTOR'S TERM OF OFFICE.

(B) DISQUALIFICATION FOR ADDITIONAL TERMS.

(1)       ANY DIRECTOR WHO FAILS TO ATTEND MEETINGS OF
THE BOARD OF DIRECTORS AS REQUIRED BY THIS SECTION IS
DISQUALIFIED AUTOMATICALLY FROM SERVING AS DIRECTOR FOR A
SUCCEEDING TERM.

(2)       THE BANK COMMISSIONER MAY WAIVE THE
DISQUALIFICATION OF A DIRECTOR IF THE DIRECTOR SHOWS TO THE
BANK COMMISSIONER GOOD CAUSE FOR THE FAILURE TO ATTEND THE

MEETINGS.

REVISOR'S NOTE: This section presently appears as CA §
6—152, as it applies to commercial banks.

The only changes are in style.

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

The provisions of CA § 6—152, as they apply to
savings banks now appear in § 4—507 of this
article.

3-409. VACANCIES.

THE BOARD OF DIRECTORS OF A COMMERCIAL BANK SHALL FILL
ANY VACANCY ON THE BOARD BY ELECTING AN INDIVIDUAL TO SERVE
UNTIL THE NEXT ANNUAL MEETING OF THE STOCKHOLDERS AND UNTIL
A SUCCESSOR IS ELECTED AND QUALIFIES.

REVISOR'S NOTE: This section is new language that
combines without substantive change the similar
provisions of CA §§ 6-127(f) and 6-148(e).

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

3-410. QUORUM OF DIRECTORS.
(A)

PROVIDE FOR A GREATER NUMBER, A A MAJORITY OF THE DIRECTORS
OF A STATE BANK THEN SERVING IS A QUORUM.

THE ARTICLES OF INCORPORATION OR BYLAWS OF A TRUST

COMPANY MAY SPECIFY THE NUMBER OF DIRECTORS THAT IS A

QUORUM, BUT THE NUMBER SHALL BE AT LEAST THE GREATER OF ONE

THIRD OF THE DIRECTORS OR FOUR DIRECTORS.