2798

LAWS OF MARYLAND

Ch. 807

CHAPTER 807

(House Bill 1801)

AN ACT concerning

Banking Institutions

FOR the purpose of requiring the location of the principal
banking office of a banking institution to be specified
in its charter; clarifying the minimum amount of
capital stock required to be outstanding for a State
bank or trust company; clarifying that authorized stock
need not be issued; increasing the time requirement of
notice to stockholders to approve preferred stock;
permitting the conversion of convertible preferred
stock in certain events; clarifying when dividends are
payable; clarifying that debt instruments are part of
the capital and surplus of a commercial bank; requiring
a majority of the directors of a trust company to be
residents of this State; specifying information to be
filed in mergers, consolidations, and transfers of
assets of commercial banks; conforming notice
requirements for these transactions; altering the
provision for an effective date for these transactions;
specifying that approval of a merger agreement is
adoption of the charter and bylaws of the successor;
permitting filing of certificates upon merger or
consolidation of national banking associations;
clarifying the limitation on the name of a savings
bank; conforming provisions for the election of members
of a savings bank to present practice; and clarifying
references to stockholders.

BY repealing and reenacting, with amendments,

Article - Financial Institutions

Section 3-202(b)(5), 3-209, 3-210, 3-212(a) and (b),
3-213(c), 3-302(c), 3-307(c), 3-403(b),
3-702(c), 3-703, 3-708(b), 3-710, 3-711(b),
3-712, 4-202(b)(4) and (5), 4-402, and 5-401(b)

Annotated Code of Maryland

(As enacted by Chapter ____ (H.B. 1) of the Acts

of the General Assembly of 1980)

BY repealing

Article - Financial Institutions

Section 3-709

Annotated Code of Maryland

(As enacted by Chapter ____ (H.B. 1) of the Acts

of the General Assembly of 1980)

BY renumbering

Article - Financial Institutions

Section 3-710 through 3-714 respectively