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Terms Used In Maryland Code, FINANCIAL INSTITUTIONS 3-311

  • Bequest: Property gifted by will.
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • gift: includes an inter vivos gift, inter vivos endowment, bequest, devise, legacy, or testamentary endowment of any interest in real or personal property. See
  • Oath: A promise to tell the truth.
  • Person: includes an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See
  • Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
(a) On demand of a stockholder, a person may not vote any share of capital stock that, on the stock ledger of a commercial bank, appears to have been transferred within the preceding year, unless the person takes an oath as provided in this section.

(b) The challenged voter shall take an oath, before the judges of election or other officers of the meeting:

(1) That the voter is the true owner of the capital stock and that, without any understanding that the capital stock be transferred to the party from whom it was received, the voter:

(i) Bought and paid or secured payment for it with full consideration; or

(ii) Received it by inheritance, bequest, survivorship, distribution, or gift; or

(2) If the challenged voter is voting for a principal, by proxy or power of attorney:

(i) That the voter believes the principal bought and paid or secured payment for the capital stock with full consideration; or

(ii) That, to the best of the voter’s knowledge and belief, the principal is the true owner of the capital stock, having received it by inheritance, bequest, survivorship, distribution, or gift.

(c) This section does not prevent a stockholder from voting any share of capital stock that is pledged in good faith for a loan but has not been sold.