Md. Code, Financial Institutions § 3-305
This is the official text of Md. Code, Financial Institutions § 3-305, part of Maryland’s Code, Financial Institutions — regulates banks and lenders.
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§3–305.
Official statutory text
(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.
(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.
Status: in_force · Read it on the official government site
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