reglab/housing_qa huggingface dataset:
MD. Financial Institutions Code Ann. §  3-405 (2021)
2021 Maryland Statutes|Financial Institutions|Title 3 - Banking Institutions -- Commercial Banks|Subtitle 4 - Directors and Officers|Section 3-405 - Election of Directors

    (a)    Until successors are elected and qualify, the board of directors of a commercial bank consists of the individuals named as directors in the articles of incorporation.    (b)    (1)    Except as provided in paragraph (2) of this subsection, at each annual meeting of stockholders, the stockholders shall elect directors to hold office until the earlier of:            (i)    The next annual meeting of stockholders and until their successors are elected and qualify; or            (ii)    The time provided in the terms of any class or series of stock pursuant to which the directors are elected.        (2)    (i)    Subject to subparagraphs (ii) and (iii) of this paragraph, if the directors are divided into classes, the term of office may be provided in the bylaws.            (ii)    The term of office of a director may not be longer than 5 years or, in the case of an initial or substitute director, shorter than the period between annual meetings.            (iii)    The term of office of at least one class of directors shall expire each year.
MD. Financial Institutions Code Ann. §  3-406 (2021)
2021 Maryland Statutes|Financial Institutions|Title 3 - Banking Institutions -- Commercial Banks|Subtitle 4 - Directors and Officers|Section 3-406 - Attendance at Board Meetings

    (a)    Each director of a commercial bank shall attend at least one half of the regularly scheduled board meetings that are held during the director’s term of office.    (b)    (1)    Any director who fails to attend meetings of the board of directors as required by this section is disqualified automatically from serving as director for a succeeding term.        (2)    The Commissioner may waive the disqualification of a director if the director shows to the Commissioner good cause for the failure to attend the meetings.
MD. Financial Institutions Code Ann. §  3-407 (2021)
2021 Maryland Statutes|Financial Institutions|Title 3 - Banking Institutions -- Commercial Banks|Subtitle 4 - Directors and Officers|Section 3-407 - Vacancies

    The board of directors of a commercial bank may fill any vacancy on the board by electing an individual to serve until the next annual meeting of the stockholders and until a successor is elected and qualifies.
MD. Financial Institutions Code Ann. §  3-408 (2021)
2021 Maryland Statutes|Financial Institutions|Title 3 - Banking Institutions -- Commercial Banks|Subtitle 4 - Directors and Officers|Section 3-408 - Quorum of Directors

    (a)    A majority of the directors of a State bank then serving is a quorum.    (b)    The articles of incorporation or bylaws of a trust company may specify the number of directors that is a quorum, but the number shall be at least the greater of one third of the directors or four directors.
MD. Financial Institutions Code Ann. §  3-409 (2021)
2021 Maryland Statutes|Financial Institutions|Title 3 - Banking Institutions -- Commercial Banks|Subtitle 4 - Directors and Officers|Section 3-409 - Officers

    (a)    Within 15 days after the annual meeting of the stockholders and after the directors–elect have qualified, the board of directors of a commercial bank shall meet and elect the officers of the commercial bank.    (b)    Unless the bylaws provide otherwise, each officer serves for a term of 1 year and until a successor is elected and qualifies.    (c)    The board of directors may remove any officer at any time.
MD. Financial Institutions Code Ann. §  3-501 (2021)
2021 Maryland Statutes|Financial Institutions|Title 3 - Banking Institutions -- Commercial Banks|Subtitle 5 - Common Trust Funds|Section 3-501 - Definitions

    (a)    In this subtitle the following words have the meanings indicated.    (b)    “Common trust fund” means a fund that a trust company maintains under this subtitle solely for the collective investment of money held by the trust company as fiduciary.    (c)    “Fund plan” means a written plan for the establishment and administration of a common trust fund.    (d)    “Trust company” includes a national banking association that has powers similar to those given to a trust company under the laws of this State.    (e)    “Valuation date” means a date as of which a trust company determines the value of the assets in a common trust fund that it administers.
MD. Financial Institutions Code Ann. §  3-502 (2021)
2021 Maryland Statutes|Financial Institutions|Title 3 - Banking Institutions -- Commercial Banks|Subtitle 5 - Common Trust Funds|Section 3-502 - Establishment of Fund

    A trust company may establish and administer one or more common trust funds in accordance with the requirements of this subtitle.
MD. Financial Institutions Code Ann. §  3-503 (2021)
2021 Maryland Statutes|Financial Institutions|Title 3 - Banking Institutions -- Commercial Banks|Subtitle 5 - Common Trust Funds|Section 3-503 - Powers of Trust Company

    The fiduciary capacities of a trust company referred to in this subtitle include all of those capacities in which a trust company may act under this article.
MD. Financial Institutions Code Ann. §  3-504 (2021)
2021 Maryland Statutes|Financial Institutions|Title 3 - Banking Institutions -- Commercial Banks|Subtitle 5 - Common Trust Funds|Section 3-504 - Fund Plans in General

    (a)    A trust company shall establish and maintain a common trust fund only in accordance with a fund plan that is approved:        (1)    By resolution of the board of directors of the trust company; and        (2)    By legal counsel.    (b)    Notwithstanding any provision of law that applies to a participating fiduciary account, a fund plan controls:        (1)    Participations in the fund; and        (2)    The rights and benefits in participating accounts of all persons who have interests in the fund.
MD. Financial Institutions Code Ann. §  3-505 (2021)
2021 Maryland Statutes|Financial Institutions|Title 3 - Banking Institutions -- Commercial Banks|Subtitle 5 - Common Trust Funds|Section 3-505 - Required Provisions for Fund Plans

    Except as provided in § 3-507 of this subtitle, a fund plan shall state the name of the fund and include detailed provisions, not inconsistent with this subtitle, as to:         (1)    The intervals at which the trust company will determine the value of the assets in the fund;        (2)    The intervals at which the trust company will have an audit made of the fund;        (3)    The manner in which the fund is to be operated;        (4)    The investment powers of the trust company with respect to the fund;        (5)    The terms and conditions that govern entry in and withdrawal from the fund;        (6)    The auditing and settling of accounts of the trust company with respect to the fund;        (7)    The basis and method to be used for valuing fund assets;        (8)    The circumstances and manner in which the fund may be terminated; and        (9)    Any other matters that are necessary to define clearly the rights and duties of the trust company and fund participants.
MD. Financial Institutions Code Ann. §  3-506 (2021)
2021 Maryland Statutes|Financial Institutions|Title 3 - Banking Institutions -- Commercial Banks|Subtitle 5 - Common Trust Funds|Section 3-506 - Optional Provisions for Fund Plans

    (a)    A fund plan may provide for:        (1)    The amortization of premiums on bonds or other obligations;        (2)    The disposition of discounts, profits, stock rights, stock dividends, and extraordinary dividends;        (3)    The allocation or apportionment between principal or income of the items specified in item (2) of this subsection; and        (4)    Any other similar matters.    (b)    To the extent that a fund plan does not provide otherwise as to the determination, allocation, and apportionment of principal and income, the principles of Titles 14 and 14.5 of the Estates and Trusts Article apply.
MD. Financial Institutions Code Ann. §  3-507 (2021)
2021 Maryland Statutes|Financial Institutions|Title 3 - Banking Institutions -- Commercial Banks|Subtitle 5 - Common Trust Funds|Section 3-507 - Optional Method of Administration

    Notwithstanding any other provision of this subtitle, a trust company may provide in a fund plan that the fund shall be administered in accordance with those federal rules and regulations that relate to the collective investment of trust funds by national banking associations.
MD. Financial Institutions Code Ann. §  3-508 (2021)
2021 Maryland Statutes|Financial Institutions|Title 3 - Banking Institutions -- Commercial Banks|Subtitle 5 - Common Trust Funds|Section 3-508 - Filing of Fund Plan; Inspection; Copying

    (a)    A copy of the fund plan and any amendments to it shall be filed at the principal banking office of the trust company, where it shall be available during regular business hours for inspection by any cofiduciary or person who has an interest in a participating account.    (b)    On a reasonable request, a copy of the fund plan shall be provided to any cofiduciary or person who has an interest in a participating account.
MD. Financial Institutions Code Ann. §  3-509 (2021)
2021 Maryland Statutes|Financial Institutions|Title 3 - Banking Institutions -- Commercial Banks|Subtitle 5 - Common Trust Funds|Section 3-509 - Amendment of Fund Plan

    A fund plan may be amended only:         (1)    Prospectively; and        (2)    By written amendments that are approved by resolution of the board of directors of the trust company.
MD. Financial Institutions Code Ann. §  3-510 (2021)
2021 Maryland Statutes|Financial Institutions|Title 3 - Banking Institutions -- Commercial Banks|Subtitle 5 - Common Trust Funds|Section 3-510 - Investment in Fund

    A trust company, acting in a fiduciary capacity, may invest money in one or more common trust funds if:         (1)    The trust company holds the money for investment; and        (2)    The instrument or authorization that created the fiduciary relationship does not contain any terms inconsistent with this type of investment.
MD. Financial Institutions Code Ann. §  3-511 (2021)
2021 Maryland Statutes|Financial Institutions|Title 3 - Banking Institutions -- Commercial Banks|Subtitle 5 - Common Trust Funds|Section 3-511 - Cofiduciaries

    (a)    A trust company may invest in a common trust fund money from an account that it administers as a cofiduciary if the trust company:        (1)    Otherwise may do so under § 3-510 of this subtitle; and        (2)    First obtains the written consent of all other cofiduciaries of that account.    (b)    A trust company that administers a common trust fund, in which an account held by the trust company as cofiduciary participates, is solely responsible for management and control of the fund.    (c)    A cofiduciary, other than the trust company, who consents in good faith to the participation of an account in a common trust fund is not liable to the beneficiaries for the management of the fund.    (d)    On receipt of the written request of a cofiduciary to do so, the trust company shall withdraw the participation of a fiduciary account in a common trust fund at the earliest date that the fund plan permits.
MD. Financial Institutions Code Ann. §  3-512 (2021)
2021 Maryland Statutes|Financial Institutions|Title 3 - Banking Institutions -- Commercial Banks|Subtitle 5 - Common Trust Funds|Section 3-512 - Limitations on Investments and Interests

    (a)    Except as otherwise provided in this section, a trust company may not:        (1)    Invest its own funds in a common trust fund that it administers; or        (2)    Have any interest, other than its fiduciary interest, in the assets in a common trust fund that it administers.    (b)    If, because of a creditor relationship or otherwise, a trust company acquires an interest in a participation in a common trust fund that it administers, the participation shall be withdrawn on the next valuation date allowed by the fund plan.    (c)    A trust company does not have a prohibited interest in the assets of a common trust fund that it administers merely because the trust company owns in its own right any stocks, bonds, or other obligations issued by a person from whom the fund also holds stocks, bonds, or other obligations.
MD. Financial Institutions Code Ann. §  3-513 (2021)
2021 Maryland Statutes|Financial Institutions|Title 3 - Banking Institutions -- Commercial Banks|Subtitle 5 - Common Trust Funds|Section 3-513 - Fund Entry and Withdrawal; Valuation; Distribution

    (a)    Entry into and withdrawal from participation in a common trust fund may occur only on a valuation date, or, if provided by the plan, within 2 business days after a valuation date.    (b)    Participation shall be based on the valuation as of the valuation date associated with the entry or withdrawal.    (c)    When participation is withdrawn from a common trust fund, the trust company may make distribution in cash, ratably in kind, or both, but all distributions associated with a valuation date shall be made in the same way.
MD. Financial Institutions Code Ann. §  3-514 (2021)
2021 Maryland Statutes|Financial Institutions|Title 3 - Banking Institutions -- Commercial Banks|Subtitle 5 - Common Trust Funds|Section 3-514 - Evidence of Participation in Fund

    (a)    (1)    A trust company that administers a common trust fund may issue a certificate of participation for each participating account.        (2)    A certificate of participation is not assignable and may not be issued in any form that purports to be negotiable or assignable.    (b)    In any report or accounting required from the trust company by law, a statement that is signed and verified by one of its officers as to the existence, extent, and value of a participation in a common trust fund that it administers may be accepted as evidence of those facts by any court, trust clerk, or supervisory authority.
MD. Financial Institutions Code Ann. §  3-515 (2021)
2021 Maryland Statutes|Financial Institutions|Title 3 - Banking Institutions -- Commercial Banks|Subtitle 5 - Common Trust Funds|Section 3-515 - Fund Management; Management Fees

    (a)    The trust company that establishes a common trust fund has exclusive management and control of the fund, including the sole right to transfer, change, or dispose of the assets in the fund.    (b)    (1)    Except as otherwise provided in paragraph (2) of this subsection, a trust company may not:            (i)    Charge a fee for the management of a common trust fund; or            (ii)    Receive from the fund or from any participating account any additional fee, commission, or compensation of any kind because of the participation of the account in the fund.        (2)    A trust company may reimburse itself, from a common trust fund that it administers, for:            (i)    Those reasonable expenses incurred in the administration of the fund that could have been charged to a separate fiduciary account if that account were not participating in the fund; and            (ii)    Reasonable expenses incurred for audits of the fund by independent certified public accountants or court auditors as permitted or required under the fund plan or as otherwise required by law.
MD. Financial Institutions Code Ann. §  3-516 (2021)
2021 Maryland Statutes|Financial Institutions|Title 3 - Banking Institutions -- Commercial Banks|Subtitle 5 - Common Trust Funds|Section 3-516 - Valuation Dates; Audits; Special Accounting

    (a)    For each common trust fund that it administers, a trust company shall set valuation dates at regular intervals of not more than 3 months.    (b)    At regular intervals of not more than 12 months, a trust company shall have an audit of each common trust fund by an independent certified public accountant who shall report directly to the board of directors of the trust company.    (c)    (1)    A trust company that administers a common trust fund may apply to a court for approval of an accounting of the fund.        (2)    A petition for approval of an accounting under this section shall be made to the court of equity for the county where the trust company has its principal banking office.        (3)    A court may impose conditions and notice requirements before approving an accounting under this section.
MD. Financial Institutions Code Ann. §  3-517 (2021)
2021 Maryland Statutes|Financial Institutions|Title 3 - Banking Institutions -- Commercial Banks|Subtitle 5 - Common Trust Funds|Section 3-517 - Ownership of Assets; Records

    (a)    The ownership of and title to the individual assets in a common trust fund are solely in the trust company, as trustee of the fund.    (b)    A trust company shall show clearly on its records:        (1)    The name of each fiduciary account on behalf of which the trust company holds a participation in a common trust fund; and        (2)    The extent of the interest held for that fiduciary account.
MD. Financial Institutions Code Ann. §  3-518 (2021)
2021 Maryland Statutes|Financial Institutions|Title 3 - Banking Institutions -- Commercial Banks|Subtitle 5 - Common Trust Funds|Section 3-518 - Registration of Assets in Name of Nominee

    (a)    A trust company may register in the name of a nominee any assets of a common trust fund that it administers.    (b)    The nominee may be either an individual or a partnership.    (c)    A trust company that registers assets in the name of a nominee shall:        (1)    Show the assets and the name of the nominee on its records; and        (2)    If the nominee is operated or controlled by the trust company, supervise any possession or control of the assets by the nominee.    (d)    A transfer agent or registrar of a corporation whose stocks, bonds, securities, or other obligations are registered in the name of a nominee under this section is not required to investigate and may not be held liable for treating the nominee as the owner of the assets.
MD. Financial Institutions Code Ann. §  3-519 (2021)
2021 Maryland Statutes|Financial Institutions|Title 3 - Banking Institutions -- Commercial Banks|Subtitle 5 - Common Trust Funds|Section 3-519 - Investment of Fund Assets

    A trust company may invest the assets of a common trust fund in any investment in which a fiduciary who is not restricted by investment limitations under the governing instrument or authorization may invest under the laws of this State.
MD. Financial Institutions Code Ann. §  3-520 (2021)
2021 Maryland Statutes|Financial Institutions|Title 3 - Banking Institutions -- Commercial Banks|Subtitle 5 - Common Trust Funds|Section 3-520 - Transfer of Assets From a Common Trust Fund

    (a)    A transfer agent or a transferee of an asset held in the name of a trustee of a common trust fund may presume conclusively that the trustee has an absolute right to transfer or assign the asset.    (b)    (1)    A transfer agent or a transferee of an asset held in the name of a trustee of a common trust fund is not chargeable with any duty in relation to the fund, a participating account, or any beneficiary of a participating account.        (2)    A transferee of an asset held in the name of a trustee of a common trust fund is not liable for the application of any purchase money paid to the trustee.
MD. Financial Institutions Code Ann. §  3-604 (2021)
2021 Maryland Statutes|Financial Institutions|Title 3 - Banking Institutions -- Commercial Banks|Subtitle 6 - Miscellaneous Regulations|Section 3-604 - Acceptance of Drafts

    (a)    A commercial bank may accept for payment at a later date a draft issued in connection with a transaction that involves the importation, exportation, or domestic shipment of goods, if the draft:        (1)    Is payable not more than 6 months after the date of acceptance; and        (2)    When accepted, is accompanied by a document of title.    (b)    A commercial bank may accept a draft that a bank or banker in any foreign country or any possession or territory of the United States draws on the commercial bank to provide dollar exchange required by trade usage in the foreign country, possession, or territory if:        (1)    The draft is payable not more than 3 months after the date of acceptance;        (2)    The amount of the exchange does not exceed 50 percent of the unimpaired capital and surplus of the commercial bank; and        (3)    For any exchange that exceeds 10 percent of the unimpaired capital and surplus of the commercial bank, the draft is accompanied by a document of title or other adequate security.
MD. Financial Institutions Code Ann. §  3-605 (2021)
2021 Maryland Statutes|Financial Institutions|Title 3 - Banking Institutions -- Commercial Banks|Subtitle 6 - Miscellaneous Regulations|Section 3-605 - Owning and Leasing Personal Property

    (a)    This section does not apply to a leasehold interest in real property.    (b)    Subject to the rules and regulations of the Commissioner, a commercial bank may become the owner and lessor of personal property if:        (1)    The personal property is acquired on the specific request of and for the use of a customer; and        (2)    The investment of the commercial bank in personal property does not exceed:            (i)    For any one customer, 10 percent of the unimpaired capital and surplus of the commercial bank; and            (ii)    For all of its customers, the total of its unimpaired capital and surplus.
MD. Financial Institutions Code Ann. §  3-606 (2021)
2021 Maryland Statutes|Financial Institutions|Title 3 - Banking Institutions -- Commercial Banks|Subtitle 6 - Miscellaneous Regulations|Section 3-606 - Restrictions on Certification of Drafts

    (a)    An officer, employee, or agent of a commercial bank may not certify any draft drawn on the commercial bank unless the drawer has on deposit an amount equal to at least the amount of the draft.    (b)    If a draft is certified in violation of this section by a person who is authorized to certify drafts, it is a valid obligation of the commercial bank.