Harford Bank'sboard amended and restated the bylaws of the Aberdeen, Md.-based bank on June23.
Among the changes were increasing from 70 to 72 the ageafter which a person shall not be eligible to stand for election to the board,and clarifying that directors who also serve as bank employees are not entitledto any compensation for serving as directors.
Each member of the board's audit committee is also now requiredto satisfy all eligibility requirements for such service as may be imposed byapplicable law.
The section of the bylaws related to director nominationswas also amended. If a stockholder wants to nominate a person for election tothe board, the nomination must be submitted to the chairman or the presidentnot less than 150 days nor more than 180 days prior to the date of the meetingof stockholders called for the election of directors. Before this amendment,notice was required to be given neither less than 14 days nor more than 50 daysprior to the meeting.
Another section was revised to allow stockholders, afterincreasing the number of directors, to leave such additional directorshipsvacant and authorize the board, in its discretion, to fill them.