Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1927-07-01
PUBLIC GENERAL LAWS
CHAPTER NO. 1873
A BILL ENTITLED

Banks and Trust Companies" sub
titles, Banks" and "Trust Com
panies," respectively, and to add a
new Section to said Article, to fol-
low Section So, under the subtitle
General Regulations" and to be
known as Section SEA, to provide
for the perpetual succession of all
banks, savings institutions and trust
companies, Incorporated under the
laws of this State.
SECTION /. Be it enacted By the
General Assembly of Maryland, That
Section 81 of Article IL of the An
notated Code of Maryland, Edition of
1924, Title Banks and Trust Com
panies," subtitle Banks" be and the
same is hereby repealed and re-enact-
ed, with amendments, so as to read as
follows:
81. The persons associating to es-
tablish bank under this Article shall
make, sign and acknowledge written
articles of incorporation, containing:
First. A declaration that they as
sociate for the purpose of forming a
banking corporation under this article.
Second. The name of such bank.
This name shall be in no material re-
spect similar to the name of any other
bank in the same county or city.
Third. The particular village,
town or city and county where such
bank is to be located.
Fourth. The amount of capital
stock, which shall be divided into
shares of not less than ten dollars.
SEC. 2. And be It further enacted,
That Section AZ of Article IL of the
Annotated Code of Maryland, Edition
of 1924, Title Banks and Trust Com
panies," subtitle "Trust Companies"
be, and the same is hereby repealed
and re-enacted, with amendments, so
as to read as follows:
az. Eleven or more persons, citi-
zens of the United States, and ma
jority of them citizens of this State,
may form a corporation to be known
as a trust company. Such persons
shall under their hands and seals
acknowledge articles of incorporation
which shall specifically state;
First. The name by which the cor
poration shall be known.
Second. The place where its bust
ness is to be transacted.
Third. The amount of its capital
stock and the number of shares of the
par value of not less than twenty-five
dollars each, into which same is to be
divided.
Fourth. The name, residence and
postoffice address of each member of
the corporation.
Fifth. A declaration that each
member of the corporation will accept
the responsibilities and faithfully dis
charge the duties of director there
in, if elected to act as such.
The capital stock of such corpora
ton must be at least five hundred
thousand dollars; provided, however,
that a corporation with a capital of
not less than two hundred thousand
dollars may be organized in a city
containing more than one hundred
thousand and less than two hundred
and fifty thousand inhabitants, and a
corporation may be organized with a
capital of not less than one hundred
and fifty thousand dollars in a city
containing more than twenty-five
thousand inhabitants and less than
one hundred thousand inhabitants,
and with a capital of at least one hun
dred thousand dollars in city or town
the population of which does not ex-
coed twenty-five thousand inhabitants,
the number of inhabitants in each case
to be ascertained or determined by the
last Federal or State enumeration, and
no trust company shall start business
until all of the capital stock provided
for in this section shall have been paid
for in full.
In the event that any Trust Com
pany hereafter establishes a branch
or branches outside of the city, town
or village in which it is now located,
it shall add to it's capital stock for
each branch established the sum of
twenty-five thousand dollars in towns
or villages having less than fifteen
hundred inhabitants, thirty-five thou.
sand dollars in towns, villages or cities
having more than fifteen hundred and
less than thirty-hve hundred inhabit-
ants, forty thousand dollars in towns
or cities having more than thirty-five
hundred and less than five thousand
inhabitants, forty-five thousand dol
lars in cities having more than five
thousand and less than ten thousand
inhabitants, sixty-fve thousand dol
lars in cities having more than ten
thousand inhabitants and less than
fifty thousand inhabitants, one hun
dred thousand dollars in cities having
more than fifty thousand inhabitants
and less than one hundred and fifty
thousand inhabitants, and two hun
bred thousand dollars for cities having
moro than one hundred and fifty thou
sand inhabitants; the number of in
habitants in each case to be ascertain.
ed or determined by the last Federal
or State enumeration; unless the paid
in capital of such trust company is