Md. Code, Fin. Inst. § 3-306

Maryland · Maryland Code, Financial Institutions · Status: effective

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Citation: Md. Code, Fin. Inst. § 3-306, Maryland, version 1 as recorded 2026-09-29, yourstate.us, https://yourstate.us/provision/1772136
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(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.