Ch. 326

1996 LAWS OF MARYLAND

3-315.

(a) Except as provided in subsection (b) of this section, the chief executive officer
of a commercial bank shall report to the [Bank] Commissioner as soon as the officer
becomes aware that any person has applied for or has received a loan from the
commercial bank that is to be secured by 25 percent or more of the voting stock of any
commercial bank.

(c) A report required by this section shall describe the loan transaction and
contain whatever information is available to inform the [Bank] Commissioner of the
effect of the loan on the power to direct or cause direction of the management or policy
of the commercial bank whose stock is involved.

3-408.

(a)     Each director of a commercial bank shall attend at least one half of the
regularly scheduled board meetings that are held during the director's term of office.

(b)     (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.

3-508.

(a)     A copy of the fund plan and any amendments to it shall be filed:

(1)     With the [ Bank] Commissioner OF FINANCIAL REGULATION, as a
public record; and

(2)     At the principal banking office of the trust company, where it shall be
available during regular business hours for inspection by any cofiduciary or person who
has an interest in a participating account.

(b)     On a reasonable request, a copy of the fund plan shall be provided to any
cofiduciary or person who has an interest in a participating account.

3-603.

Unless the [ Bank] Commissioner gives written approval for an extension of time, a
commercial bank may not carry for more than 90 days a total of bills payable and
rediscounts that exceeds the unimpaired capital and surplus of the commercial bank.

3-605.

(a)     This section does not apply to a leasehold interest in real property.

(b)     Subject to the rules and regulations of the [Bank] Commissioner, a
commercial bank may become the owner and lessor of personal property if:

(1) The personal property is acquired on the specific request of and for the
use of a customer; and

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