§ 3-305
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/md/financial-institutions/3-305A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§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.