The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1920-06-25
PUBLIC GENERAL LAWS

E
or village in which It may be located, and
for branch banks in cities, towns or vii
lagos in which It proposes to establish
branches.
.SEc. ). And be It further eaacied.
That Sections IL and 81 of Article IL of
the Annotated Code sof Maryland, title
Banks and Trust Companies, subtitle
Trust Companies, be and the same are
hereby repealed and re-enacted with,
amendments. so as to read as follows: I.
~. Eleven or more persons, citizens.
of the United States, and majority Of
them citizens of this State, may form a
corporation to be known as a trust com
pally. Such persons shall under their
hands and seals acknowledge articles of
Incorporation which shall specifically
state:
First. The name by which the corpora
ton shall be known.
Second. The place where It's business
is to be transacted.
Third. The amount of its capital stock
aud the number of shares of the par value
Of not less than fifty dollars each. into
which same is to be divided. pins
Fourth. The name, residence and post
office address of each member or the cor
poration.
Fifth. The term of its existence, not
exceeding forty years.
Sixth. Al declaration that each mem
Der of the corporation will accept the
responsibilities and faithfully discharge
the duties of director therein, if elected
to act as such.
The capital stock of such corporation
must be at least FIVE hundred thousand
dollars provided, however, that a GER
poration with u capital of not less than
two hundred thousand dollars may be or
ganized in a city containing more than
one hundred thousand and less than two
hundred and fifty thousand inhabitants,
and l. corporation may be organized with
a capital of not less than one hundred
and fifty thousand dollars in a city cons
tanning more than twenty five Thousand in
habitants and less than one hundred thon7
sand inhabitants. and with q capital OF at
least one hundred thousand dollars IN a
city5Or town the population of which does
not exceed twenty five thousand inhabi-
taLts, thesnumber of inhe bitanfs in each
case to be ascertained or determined by
the last Federal or State eLumerat ion. -
In the event that any 1Iast Company
hereafter establishes a branch or branches
outside of the city, town or village in
which it as Ilt5N, 3sssRte4l 5tit shGli add -
$ capital stock for each branch estab-
hsAed.. the sum OF twentyft thousand
dollars in towns or villages having less
than fifteen observation-disclosures thirty
FIVE thousand dollars in towns, villages, or
cities having more than fifteen hundred
and less than thirty hxe HUNDRED, inhabi-
taafts, forty thousand dollars in towns
orr cities having more than thirty five
hundred and less than five Thousand in
habitants, f0rty-five Thousand dollars in
cities having more than five thousand and
less than ten thousand Inhabitants. sixty
Ave thousand dollars in cities having moro
than ten thousand inhabitants and less
than fifty Thousand inhabitants. one hun
drea thousand dollars in cities having
more than fifty Thousand fnala bitants. nd
less than one hundred and fifty thousand
Inhabitants and two hundred thousand
dollars for cities having more than one
hundred and fifty thousand inhabitants
the number of Inhabitants to be deter
mined by the last Federal or State efinnl-
GRAFTON, unless the paid-in capitalsof sIleh
trust company is already sufficient under
the present conditions of the law to pro.
! vide the capital required bysa trust com.
pany hereunder doing business an the city.
town or village in which it may be locafeds
: and for branches in cities. towns or VII
lagos IN which, Il proposes. to establish
81. Every trust company Incorporated
under any, law pr laws of this State stall
possess the powers and be subject to the
provisions of this Article and wherever
the words !. Articles of Assoeiati ion occur
] in the provisions of this Article they
: shall be construed to include legislative
charters and IA rticles lof Interpretations !;
provided, however, nothing in this Article
shall be construed to repeal, modify. or
Affect any special right, privileges OF
powers conferred upon any trust company
heretofore created under amy laws of this
Sfate by their RESPECTIVE charters, if said
coiHpanies were organized and doing bust
ness prior to April the Sth,, $40 except
that for every branch opened after June
1.eIfi
compelled to add to its capital stock the
amount ar amounts specified and pertain
ing to branches in Section ~ If this
Article
See g. And be it 5arfhey, enacted.
That subsection ninth, of Section 46 of
Article IL of the Annotated Code Of
Maryland, title banks and Trust Com
ponies" subtitle Trust Companies" as
said subsection was amended by Chapter
80 Nf the Acts Of the General Assembly
of Marylaqd of 1918. be, and the same is,
hereby repealed and re-enacted with
aniehdments, SO as to read as follows:
,46. Sab,section Ninth, To exercise
by It's directors, duly authorized officers
or AGENTS, all such powers as shall be
usual in carrying on the business of bank
ing By buying, discounting and negos
bills of exchange foreign and domestic,
aud other evidences of debt; BIZ receiving
deposits of money upon which interest
may be paid !; by buying and selling coin
and bullion, and by buying and selling
exchange, foreign ard domestic; to pufS
chase, invest IN and sell stocks, bills of
exchange, bonds and mortgages and other
securities :; to accept for payment at a
future date, drafts or bills of exchange
drawn upon It, having not more than six
mouths To run. which crow Ont of trans
actions involving the importation or ex.
portation of goods, or whieii grow out of
transactions involving the domestic ship
1nent of goods. provided shipping doci-
ments conveying or securing title are at
tached at the time of acceptance, or which
are secured at the time of acceptance, by
q warehouse receipt or other such doeu-
meHt conveying or securing title covering
readily marketable staples; and when
moneys or securities for moneys are Dor
rowed or received on deposit, or for in
vestment, the bonds or obligations of the
company may be given therefor, bat ii
shall have no right to issue bills 10 cirea-
late as money. a
SIC. & Had be it fsrther enacted.
That this Act shall take effect ON and
after June 1st, 1920.
Approved April 10, 1920. =