272

LAWS OF MARYLAND

Ch. 33

THE BOARD OF DIRECTORS OF A SAVINGS BANK SHALL   FILL ANY

VACANCY ON THE BOARD BY ELECTING AN INDIVIDUAL   TO SERVE

UNTIL THE NEXT ANNUAL MEETING OF THE MEMBERS AND     UNTIL A
SUCCESSOR IS ELECTED AND QUALIFIES.

REVISOR'S NOTE: This section is new language added for
clarity and follows comparable provisions for
vacancies on the board of directors of a
commercial bank, in § 3—409 of this article.

4-509. QUORUM OF DIRECTORS.

UNLESS THE CHARTER OR BYLAWS OF A SAVINGS BANK PROVIDE
FOR A GREATER. NUMBER, A MAJORITY OF THE DIRECTORS THEN
SERVING IS A QUORUM.

REVISOR'S NOTE: This section is new language added for
clarity and follows the comparable provisions for
the quorum of the board of directors of a
commercial tank in § 3—410 of this article.

SUBTITLE 6. MISCELLANEOUS REGULATIONS.

4-601. WITHDRAWAL OF DEPOSITS.

(A)       BYLAWS GOVERN.

A DEPOSITOR OF A SAVINGS BANK MAY WITHDRAW THE DEPOSIT
AS THE BYLAWS OF THE SAVINGS BANK PERMIT.

(B)       PERMISSIBLE BYLAWS.

THE BYLAWS OF A SAVINGS BANK:

(1)       MAY REQUIRE A DEPOSITOR TO GIVE NOTICE OF AN
INTENT TO WITHDRAW ANY PART OF A DEPOSIT; AND

(2)       MAY NOT REQUIRE MORE THAN 90 DAYS NOTICE.

REVISOR'S NOTE: This section is new language derived
without substantive change from the last sentence
of Art. 11, § 41 (a).

Subsection (b) of this section is revised to
clarify that the bylaws specify any notice
requirement and, thus, avoid the inference of the
present language "but such institution may at any
time require" that, notwithstanding its bylaws,
the savings bank may require notice of a proposed
withdrawal. This inference is inconsistent with
the contractual relationship between a bank and
its savings depositors, of which relationship the
bylaws constitute a part. (See Hileman v.
Hulver, 243 Md. 527 (1966)). In this regard, see
§ 5—302 of this article, which specifies certain
information that a banking institution is
required to give to its depositors.