(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.
Structure Maryland Statutes
Title 3 - Banking Institutions -- Commercial Banks
Subtitle 3 - Capital Stock; Surplus Requirements; Stockholders
Section 3-301 - Capital Stock in General
Section 3-302 - Preferred Stock
Section 3-303 - Loans for Stock Subscription
Section 3-304 - Loans on and Acquisitions of Own Stock Prohibited
Section 3-305 - Reduction of Capital
Section 3-306 - Maintenance of Surplus; Losses
Section 3-307 - Cash Dividends
Section 3-308 - Stock Dividends
Section 3-310 - Annual Meeting of Stockholders
Section 3-311 - Oath of Stockholder Before Voting
Section 3-312 - Debt Instruments
Section 3-314 - Approval of Commissioner of Certain Stock Transactions