344 ARTICLE 11.

secured by the counter deposits of Baltimore city stock) ; which reserve shall
be kept on deposit in such bank or banks, or trust company, or trust com-
panies, of good standing, either in the State of Maryland or elsewhere, as
the board of directors or the executive committee thereof may direct; and
every trust company shall .also keep on hand, as an additional reserve, at
least 5 per cent, of the amount of such deposits, which additional reserve
may be kept on deposit in such bank or banks or trust company or trust
companies as the board of directors or executive committee thereof may
direct, or in the form of registered bonds or public stock of the United
States, or the State of Maryland, or of Baltimore city, or of the bonds of
any county or municipal corporation of this State, which shall be approved
by the Bank Commissioner; provided, however, that any securities which
have been deposited by any such trust company with the Treasurer of the
State, in accordance with sections 141 and 149 1 of article 23 of the Anno-
tated Code of Public Civil Laws of Maryland, may be considered as the
whole or a part, as the case may be, of said last-mentioned required 5 per
cent, reserve. Cash items shall not be considered as a part of the reserve
herein required to be kept by either banks or trust companies, but cash
actually on hand held by a trust company shall be considered as a part of
the reserve herein first required to be kept by such trust company.

An. Code, sec. 62A. 1914, ch. 805, sec. 61A.

63. No bank or trust company having a capital stock of $100,000 or
more, shall carry for a longer period than 90 days, bills payable in an
amount greater than its paid in capital, and no bank or trust company with
a capital stock of less than $100,000, shall carry for a longer period than
9'0 days bills payable in an amount greater than its paid in capital and
surplus. The period of 90 days herein specified may be extended with the
written authority of the Bank Commissioner; but in no case for a longer
period than an additional 90 days.

An. Code, sec. 62B. 1918, ch. 33, sec. 62B.

64. Demand Deposits, within the meaning of this Article, shall com-
prise all deposits payable within thirty days; and Time Deposits shall com-
prise all deposits payable after thirty days, and all savings accounts and
certificates of deposit; which are subject to not less than thirty days' notice
before payment.

An. Code, sec. 62C. 1918, ch. 33, sec. 62C.

65. Notwithstanding anything in this Article contained, any banking
institution which is a member of the Federal Reserve System, shall not be
required to keep any reserve or reserves other than those required and
prescribed for banking institutions which are members of said Federal
Reserve System.

1 These sections were repealed by ch. 492 of the act of 1922 in so far as they apply to
fidelity companies, etc.—see art. 48A.