2013 Maryland Code
FINANCIAL INSTITUTIONS
§ 3-306 - Maintenance of surplus; losses
§3-306.
(a) If the surplus of a commercial bank at any time is less than 100 percent of its capital stock, then, until the surplus is 100 percent of the capital stock, the commercial bank:
(1) Shall transfer to its surplus annually at least 10 percent of its net earnings; and
(2) May not declare or pay any cash dividends that exceed 90 percent of its net earnings.
(b) Any losses of a commercial bank that exceed its undivided profits may be charged to its surplus.
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