Md. Code Ann., Fin. Inst. § 3-305
Reduction of outstanding capital stock
Effective Jul 1, 1996Added by Acts 1980, c. 33, § 2, eff. July 1, 1980. Amended by Acts 1981, c. 617; Acts 1995, c. 593, § 1, eff. Oct. 1, 1995; Acts 1996, c. 326, § 2, eff. July 1, 1996.State of Maryland
(a) A reduction of the outstanding capital stock of a commercial bank:
- (1) Is not valid unless approved by the Commissioner; and
- (2) May not be made to an amount that is less than that required in § 3-209(b) of this title.
- (b) The Commissioner shall base approval on a finding that the assets of the commercial bank remaining after the proposed reduction of its capital stock will be sufficient to pay all of the claims of existing creditors.
Added by Acts 1980, c. 33, § 2, eff. July 1, 1980. Amended by Acts 1981, c. 617; Acts 1995, c. 593, § 1, eff. Oct. 1, 1995; Acts 1996, c. 326, § 2, eff. July 1, 1996.
Formerly Art. 11, § 68.