Section 3-708 - Approval by stockholders. - Maryland Statutes

§ 3-708. Approval by stockholders.
 

(a)  Submission to stockholders.- The agreement shall be submitted to the stockholders of each constituent bank for approval by them at a meeting called for that purpose. 

(b)  Notice of meeting.-  

(1) In addition to any other required notice, the directors of each constituent bank shall give 2 weeks' public notice of the meeting of stockholders. 

(2) The public notice shall be published once in at least one newspaper published in the county where the constituent bank has its principal banking office. 

(3) Each notice of the meeting of stockholders shall state that objecting stockholders will be entitled to payment of the fair value of only those shares of stock that are voted against approval of the agreement. 

(c)  Required stockholder approval.- The agreement shall be approved by the stockholders of each constituent bank by the affirmative vote of two thirds of all the votes entitled to be cast on the matter. 
 

[An. Code 1957, art. 11, § 113; 1980, ch. 33, § 2; ch. 807, § 1.]