Md. Code Ann., Fin. Inst. § 3-409
Election, term, and removal of officers
Effective Oct 1, 2020Added as Financial Institutions § 3-411 by Acts 1980, c. 33, § 2, eff. July 1, 1980. Renumbered as Financial Institutions § 3-409 by Acts 2020, c. 498, § 2, eff. Oct. 1, 2020.State of Maryland
- (a) Within 15 days after the annual meeting of the stockholders and after the directors-elect have qualified, the board of directors of a commercial bank shall meet and elect the officers of the commercial bank.
- (b) Unless the bylaws provide otherwise, each officer serves for a term of 1 year and until a successor is elected and qualifies.
- (c) The board of directors may remove any officer at any time.
Added as Financial Institutions § 3-411 by Acts 1980, c. 33, § 2, eff. July 1, 1980. Renumbered as Financial Institutions § 3-409 by Acts 2020, c. 498, § 2, eff. Oct. 1, 2020.