BANKS AND TRUST COMPANIES. 331

An. Code, sec. 32. 1910, ch. 219, sec. 31 (p. 15).

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.

An. Code, sec. 33. 1910, ch. 219, sec. 32 (p. 16). 1920, ch. 91, sec. 33.

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 direc-
tors; provided, no part of the funds of such corporation shall be loaned
to any officer, director or employee thereof. The deposits 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institution may be withdrawn at such time and in such manner as its by-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 a notice, not exceeding ninety days, of his intention to withdraw
the whole or any part of his deposit,

Every such savings institution shall have the power to construct, own and
let for hire, vaults, safes and like receptacles for the safe keeping and
storage of securities and valuables, and to receive for deposit securities or
valuables upon such terms and conditions as may be agreed upon between
such institutions and persons, firms or corporations desiring to rent, said
vaults, safes and like receptacles, or to deposit securities or other valuables
With said institutions.

An. Code, sec. 34. 1910, ch. 219, sec. 33 (p. 16).

34. No savings institution shall, out of its net earnings, in the course
of any year, declare or pay any dividend or interest to its depositors, unless
there shall be reserved and set aside, as a guarantee fund, an amount
equivalent to at least one-eighth of 1 per cent, per annum on the whole
amount of deposits then held, until such guarantee fund shall amount to
at least 3 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.

An. Code, sec. 35. 1910, ch. 219, sec. 34 (p. 16).

35. The dividend or interest to the depositors in such savings institu-
tion shall be declared and paid from the net income or profits after deduct-
ing 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 3 per cent, provided for.
In ascertaining the profits or earnings, no savings institution shall be re-
quired to charge off from the premium of bonds purchased or held more
than an amount proportionate 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.