ART. 11] BANKS. 241

notifies the Bank Commissioner that its capital has been duly paid in,
in cash, and that such bank has complied with all the provisions of this
article required, before the bank shall be authorized to commence busi-
ness the Bank Commissioner shall examine into the condition of such
bank, ascertain whether or not the capital to the extent of at least
one-half has been paid in, the name and place of residence of each of
its directors, and whether such bank has complied with all the pro-
visions of law required to entitle it to engage in the business of bank-
ing. If upon such examination it appears that such bank is lawfully
entitled to commence business, the Bank Commissioner shall forth-
with give to such bank a certificate, under his hand and official seal,
that such bank is authorized to commence business. If the Bank Com-
missioner has reason to believe that the stockholders have formed the
same for any other than the legitimate business contemplated by this
article, he may, with the advice and consent of the Governor, withhold
the certificate herein mentioned.

1910. ch. 219, sec. 26 (p. 13).

26. The affairs of the bank shall be managed by a board of not less
than five directors, a majority of whom shall be residents of Maryland
and shall be elected by the stockholders and hold office for one year, and
until their successors have been elected and have qualified. A majority
of the board of directors shall constitute a quorum for the transaction
of business. In the first instance the directors shall be elected at a
meeting held before the bank is authorized to commence business by
the Bank Commissioner, and afterwards at the annual meeting of the
stockholders to be held during the month of January; and if for any
reason an election is not had at that meeting, it may be held at a
subsequent meeting called for that purpose, of which due notice shall
be given as provided in the by-laws of such bank. Every director shall
take and subscribe an oath that he will diligently and honestly per-
form the duties of such office, and will not knowingly violate or permit
a violation of any provision of this Article; that he is the owner in
good faith of unencumbered stock in the bank, standing in his name
on the books of the bank. Any vacancy in the board of directors shall
be filled by the board, and the directors so appointed shall hold office
until the next election. The officers of the bank shall be elected by the
board of directors and hold their offices for one year and until their
successors have been elected and qualified, unless sooner removed by the
board of directors. The president and directors of a bank for the
time being shall give three weeks' public notice in at least two daily
newspapers published in the city of Baltimore, if the corporation be
located in the city of Baltimore, or in at least one or more newspapers
published in the county, if there be two newspapers published in the
county where the corporation may be located, if not located in the said
city, of the annual meeting of the stockholders.
Cf. art. 23, sec. 8, et seq.
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