328 ARTICLE 11.

the Bank Commissioner that its necessary or required capital has been
duly paid in, in cash, and that such bank has complied with all the provi-
sions of this Article required, before the bank shall be authorized to com-
mence business 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 provisions of
law required to entitle it to engage in the business of banking. If, upon
such examination, it appears that such bank is lawfully entitled to com-
mence business, the Bank Commissioner shall forthwith give to such bank
a certificate, under his hand and official seal, that such bank is authorized
to commence business. If the Bank Commissioner 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.

An. Code, sec. 26. 1910, chy219, 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 perform 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 Bal-
timore, 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. 10, et seq.

An. Code, sec. 27. 1910, ch. 219, sec. 27 (p. 14).

27. Any bank organized under this article may reorganize under the
laws of the United States as a national bank. As soon as such bank shall