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Session Laws, 1912
Volume 370, Page 387   View pdf image
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PHILLIPS LEE GOLDSBOROUGH, GOVERNOR. 387

however, that all other corporations as aforesaid having a paid
in capital stock of one hundred thousand dollars or less shall
be required to transfer and assign to the said Treasurer regis-
tered public stock of the United States or of the State of
Maryland or of Baltimore City or the bonds of any county
or municipal corporation of this State which shall be approved
by said Treasurer to the amount in value of ten per centum of
the paid in capital stock of such corporation and said amount
shall be at all times maintained by said corporation so that the
amount of such stock in the hands of said Treasurer shall at
all times be equivalent at its par value to ten per centum of
the paid in capital stock of such corporation but not less in
any case than ten thousand dollars; which stocks must be regis-
tered in the name of said Treasurer, officially, as held in trust
under and pursuant to this section, and the same shall be
held by the said Treasurer in trust as security for the deposi-
tors with, or creditors of said corporation; and all of the said
stocks so held in trust by the said Treasurer and deposited by
any of the corporations above named, either transacting the
security or any other class of business shall be held by said
Treasurer subject to sale and transfer, and to the application
of the proceeds of such sale by the said Treasurer only on the
order of any Court of competent jurisdiction, and until the
order of such Court authorizing such sale or transfer, or other-
wise to the contrary, said Treasurer shall pay over to such cor-
poration the interest which may be received on the said securi-
ties, or he may authorize the said corporation to collect and
receive the same for its own benefit. Should any such corpora-
tion at any time have deposited with said Treasurer more than
the amount hereby required, such excess may be refunded.

74. No person, copartnership or corporation not subject to
the supervision and examinations of the Bank Commissioners,
and not required to make reports to him by the provisions of
this act, shall make "use of any sign at the place where such
business is transacted, having thereon any artificial or cor-
porate name or other words indicating that such place or office
is the place or office of a banking institution as defined in this
article; nor shall such person or persons make use of or circu-
late any letterheads, bill heads, blank notes, blank receipts,
certificates, circulars, or any written or printed, or partly
written or printed paper whatever, having thereon any artificial
or corporate name, or other word or words indicating that such
business is the business of a banking institution. Any person
or persons violating any of the provisions of this section, either
individually or as an interested party in any copartnership or

 

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Session Laws, 1912
Volume 370, Page 387   View pdf image
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  << PREVIOUS  NEXT >>


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