HARRY HUGHES, Governor

209

REVISOR'S NOTE: This section is new language derived
without substantive change from CA §§ 6—126 (a) (2)
and 6-147(a)(2).

In subsection (a) of this section, the phrase
"then serving" is added for clarity.

3-411. OFFICERS.

(A)       ELECTION BY BOARD.

WITHIN 15 DAYS AFTER THE ANNUAL MEETING OF THE
STOCKHOLDERS AND AFTER THE DIRECTORS-ELECT HAVE QUALIFIED,
THE BOARD OF DIRECTORS OF A COMMERCIAL BANK SHALL MEET AND
ELECT THE OFFICERS OF THE COMMERCIAL BANK.

(B)       TENURE.

UNLESS THE BYLAWS PROVIDE OTHERWISE, EACH OFFICER
SERVES FOR A TERM OF 1 YEAR AND UNTIL A SUCCESSOR IS ELECTED
AND QUALIFIES.

(C)       REMOVAL.

THE BOARD OF DIRECTORS SAY REMOVE ANY OFFICER AT ANY
TIME.

REVISOR'S NOTE: This section is new language that
combines without substantive change the identical
provisions of CA §§ 6-128 and 6-149.

In subsection (b) of this section, the
introductory clause "{u}nless the bylaws provide
otherwise" is added to reflect that, under the
Maryland General Corporation Law, the bylaws may
set the term of office of an officer.

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

SUBTITLE 5. COMMON TRUST FUNDS.

3-501. DEFINITIONS.

(A) IN GENERAL.

IN THIS SUBTITLE THE FOLLOWING WORDS HAVE THE MEANINGS
INDICATED.

REVISOR'S NOTE: This subsection is new language used as
the standard introductory language to a
definition section.

See also § 1—101 of this article for other
applicable definitions.