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the Bank Commissioner, who shall håve power to require such changes as he may deem necessary before he approves them, and shall then be submitted to one of the judges of the judicial circuit in which the savings institution is to be located in order that he may deterinine whether the said articles are framed in accordance with existing laws. One copy shall then be filed for record in the office of the Clerk of the Circuit Court in the county in which the institution is to be located, or in the office of the Clerk of the Superior Court of Baltimore City, when to be located in said city, and one copy will be filed with the Bank Commissioner, who shall charge a fee of ten ($10) dollars for filing same, and shall issue his certificate therefor. The corporation so formed shall have no legal existence until the articles of association shall have been filed for record as herein directed. Provision shall be made in the by-laws of the association for annual meetings for the purpose of electing directors and members, and the transaction of other business.

1910, ch. 219, sec. 31. 32. No savings institution or savings bank hereafter incorporated shall have any capital stock, but shall be a mutual association, provided that nothing in this Article shall prohibit any savings institution, or savings bank, now in existence, and having capital stock, from increasing its capital stock, as now provided by the Public General Laws of this State.

1910, ch. 219, sec. 32. 33. Every savings institution existing under the laws of the State of Maryland, or which may hereafter be incorporated, transacting strictly a savings bank business, shall be capable of receiving from any person or persons, or bodies corporate or politic, any deposit of money, which shall be invested or loaned out on good security, in the discretion of the directors; provided, no part of the funds of such corporation shall be loaned to any officer, director or employee thereof. The de posits in any savings institution may be withdrawn at such time and in such manner as its by-laws may permit, but such institution may at any time require a depositor to give notice, not exceeding ninety days, of his intention to withdraw the whole or any part of his deposit.

1910, ch. 219, sec. 33. 34. No savings institution shall, out of its net earnings, in the course of any year, declare or pay any dividends or interest to its depositors, unless there shall be reserved and set aside, as a guarantee fund, an amount equivalent to at least oneeighth of one per cent. per annum on the whole amount of deposits then held, until such guarantee fund shall amount to at least three per cent. on the whole amount of deposits. The guarantee fund shall at all times be maintained for the protection of depositors, and shall never be impaired by the payment of any interest or dividends.

1910. ch. 219, sec, 34. 35. The dividend or interest to depositors in such savings institution shall be declared and paid from the net income or profits after deducting expenses for management, necessary credits to premium account, taxes, and the amount reserved for guarantee fund, but this dividend shall not exceed such net income or profit remaining after the above deductions, nor shall it at any time impair the guarantee fund of three per cent. provided for. In ascertaining the profits or earnings, no savings institution shall be required to charge off from the premium of bonds purchased or held more than an amount proportìonate to the life of the bond, and in ascertaining the amount of said guarantee fund the assets shall not be valued above their market value.

1912, art. 11. sec. 36. 1910, ch. 219, sec. 33. 1912, ch. 19, sec. 33. (p. 381),

36. The treasurer of every savings institution without capital stock shall annually, within twenty days after the last of December, make a report to the Bank Commissioner, showing accurately the condition thereof at the close of business on the said last day of December. The report shall specify the following particulars, viz: The name of institution, number of depositors, amount of deposits, amount of guarantee funds, undivided surplus and other liabilities, if any; an itemized list of all stocks and bonds owned, giving the par value, book value and market value of each; the amount loaned upon pledge of securities of whatever kind, designating each particular loan with a statement of the securities pledged therefor and the

estimated market value thereof; the amount loaned upon mortgage on real estate, the amount of each mortgage, the location of the mortgaged premises and the estimated value thereof; the amount invested in real estate and ground rents, the location of each ground rent and each piece of real estate owned, and the book and estimated market value thereof; the amount of cash on hand or on deposit, with the name of each depository; amount of deposits received during the year, amount of interest and other items received; amount of deposits paid out, expenses, taxes and other items paid, and premiums and other items charged off ; number of accounts opened and closed during the year, and amount of interest credited to depositors. In addition to this detailed report as of the last day of December, the treasurer of every savings institution without capital stock shall annually, within twenty days after the last day of June, make an abbreviated report to the Bank Commissioner, showing accurately the condition thereof at the close of business on the said last day of June, specifying such of the foregoing particulars as may be prescribed by the Bank Commissioner, who shall furnish the blanks for each class of report. These statements shall be certified and sworn to by the treasurer before a notary public; and any corporate officer making oath to false statements in such report shall be deemed guilty of perjury, and upon conviction shall be subject to the penalties provided by law for that offense. The president of the savings institution shall certify as to the correctness thereof, and whether, in his judgment, the loans on mortgages or collateral are properly secured.

1912, art. 11, sec. 37. 1910, ch. 210, sec. 36. 1912, ch. 194, sec. 36.

37. An abbreviated statement as of date the last day of December of each institution so reporting, shall be published during the month of January in each year, in one or more newspapers in the city or county in which the institution is located, over the names of president and treasurer. This statement shall show: Amount of deposits received during the year, amount of interest dividends received, amount of deposits paid out, including interest; amount of expenses paid, amount of taxes paid, amount of premiums and other charges, book value

of total amount of bonds and stocks owned, amount of loans on collateral, amount of loans on real estate mortgages, book value of building occupied by the institution, if any; book value of other real estate owned; cash on hand and on deposit in banks and trust companies, amount due depositors, amount of guarantee funds and undivided surplus, number of deposit accounts opened, number of deposit accounts closed, number of deposit accounts existing.

1910, ch. 219, sec. 37. 38. In the month of October in every second year prior to the meeting of the General Assembly of Maryland, the treasurer of every institution in the State shall deliver to the Bank Commissioner a written statement, sworn to by him or by the president, containing the name and the amount standing to his or her credit of every depositor who shall not have made any deposit therein or drawn any money upon their accounts for a period of twenty years next prior to the first day of September preceding; provided, that this section shall not apply to the deposit made by any person known to the said treasurer to be living. The Commissioner shall communicate the statements which shall be received by him in his next report to the Gov


1910, ch. 219, sec. 38. 39. Any treasurer of a savings institution who shall neglect or fail to comply with the provisions of the preceding section shall be subject to a fine of five hundred dollars for each failure or neglect, to be recovered by indictment in the Circuit Court for the county where the savings institution may be located, or in the Criminal Court of Baltimore City, as the case may be.

1910, ch. 219, sec. 39. 40. No corporation created under the laws of any other State, and no corporation or association created under the laws of this State not authorized by its charter or certificate to conduct the business of savings bank or savings institution, nor copartnership, firm nor individual, shall advertise or put forth a sign as a savings bank or savings institution. Every corporation, association, copartnership, firm or individual violating or assisting in the violation of the provisions of this section shall

be guilty of a misdemeanor and liable to a fine of five hundred dollars for such offense.

1910, ch. 219, sec. 40. 41. The provisions of Sections 32 to 40, inclusive, shall apply to all savings banks, or savings institutions, without capital stock, now existing or hereafter incorporated, engaged in an exclusive savings bank business.

Trust Companies.

1910, ch. 219, sec. 41. 42. Eleven or more persons, citizens of the United States, and a majority 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 corporation shall be known. Second–The place where its business is to be transacted.

Third—The amount of its capital stock and the number of shares of the par value of not less than fifty dollars each, into which same is to be divided.

Fourth-The name, residence and postoffice address of each member of the corporation.

Fifth-The term of its existence, not exceeding forty years.

Sixth-A declaration that each member of the corporation will accept the responsibilities and faithfully discharge the duties of a 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 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 hundred thousand dollars in a city or town the population of which does not exceed twenty-five thousand

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