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<section article="gfi" article_name="Financial Institutions" number="3-202" future_version_removed="true" title_number="3" title_name="Banking Institutions -- Commercial Banks" subtitle_number="2" subtitle_name="Formation and Powers">
  <level label="a">
    <text>The incorporators shall sign and acknowledge two copies of articles of incorporation.</text>
  </level>
  <level label="b">
    <text>The articles of incorporation shall include:</text>
    <level label="1">
      <text>The name and address of each incorporator;</text>
    </level>
    <level label="2">
      <text>A statement that:</text>
      <level label="i">
        <text>Each incorporator is at least 18 years old;</text>
      </level>
      <level label="ii">
        <text>Each incorporator is a citizen of the United States; and</text>
      </level>
      <level label="iii">
        <text>At least one of the incorporators is a citizen of this State;</text>
      </level>
    </level>
    <level label="3">
      <text>A statement that the incorporators are associating to form a State bank or a trust company under this subtitle;</text>
    </level>
    <level label="4">
      <text>The name of the State bank or trust company, which may not be similar in any material respect to the name of any other bank or trust company in this State;</text>
    </level>
    <level label="5">
      <text>The municipal area and county where the principal banking office of the State bank or trust company is to be located;</text>
    </level>
    <level label="6">
      <text>The number of directors and the names and residence addresses of those who will serve as directors until their successors are elected and qualify; and</text>
    </level>
    <level label="7">
      <text>As to its capital stock:</text>
      <level label="i">
        <text>The total number of shares that the State bank or trust company has authority to issue;</text>
      </level>
      <level label="ii">
        <text>The par value of the shares, which may not be less than $10 a share; and</text>
      </level>
      <level label="iii">
        <text>The total par value of all shares.</text>
      </level>
    </level>
  </level>
  <level label="c">
    <text>The articles of incorporation may include:</text>
    <level label="1">
      <text>Any provision that requires for any purpose the concurrence of a greater proportion of the votes of all classes or of any class of capital stock than the proportion required by this article for that purpose; and</text>
    </level>
    <level label="2">
      <text>Any provision that defines, limits, or denies the preemptive rights of stockholders to acquire additional stock of the State bank or trust company.</text>
    </level>
  </level>
</section>
