Section 3-407 - Additional directorships.
§ 3-407. Additional directorships.
(a) How created.- Subject to the limitation in § 3-402 of this subtitle, at any meeting of the stockholders of a commercial bank, the stockholders may create up to two additional directorships.
(b) When board may fill additional directorships.- The stockholders may leave the two additional directorships vacant, to be filled in the discretion of the board of directors.
[CA § 6-153; 1980, ch. 33, § 2.]