§ 3-301. Capital stock in general

   (a) Original subscription. -- A subscription for the original capital stock of a commercial bank shall conform, to the extent applicable, to the provisions of the Maryland General Corporation Law that relate to stock subscriptions.

(b) Increases in capital stock. -- An increase in the outstanding capital stock of a commercial bank is not valid unless:

   (1) The commercial bank has sufficient surplus so that after the increase in capital stock its surplus will equal at least 20 percent of its capital stock; or

   (2) The amount of the increase is subscribed for and paid as required for subscription for original capital stock.

(c) Voting. --

   (1) Each share of common stock is entitled to one vote.

   (2) A stockholder may vote in person or by proxy the capital stock that the stockholder owns of record.

HISTORY: CA § 6-120, 6-141, 6-156; 1980, ch. 33, § 2; 1995, ch. 593.