2013 Maryland Code
FINANCIAL INSTITUTIONS
§ 3-305 - Reduction of capital
§3-305.
(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.
Disclaimer: These codes may not be the most recent version. Maryland may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
