BANKS AND TRUST COMPANIES. 123

institutions throughout the State in such manner as will give the fullest
possible protection to the interests of depositors and stockholders in the
banking institutions of the State.

The members of said Banking Board shall take the oath and be bound
by the provisions of Section 414¹ of this Article as to all facts and
information obtained by them in the performance of their official duties,,
or in connection with any confidential reports submitted to them by the
Bank Commissioner.

Banks.

An. Code, 1924, sec. 20. 1912, sec. 20. 1910, ch. 219, sec. 20 (p. 10). 1920, ch. 268,.

sec. 20. 1924, ch. 266, sec. 20. 1931, ch 294, sec. 20.

1933, ch. 528, sec. 20.

20. Any number of persons, not less than five, citizens of the United.
States and a majority of them citizens of this State, may hereafter asso-
ciate to establish a bank under this Article upon the terms and conditions
and subject to the liabilities prescribed herein. The capital stock for
any bank shall not be less than twenty-five thousand dollars ($25, 000. 00)
in cities, towns or villages having up to fifteen thousand (15, 000)
inhabitants, and shall not be less than seventy-five thousand dollars
($75, 000. 00) in cities, towns or villages, having more than fifteen thou-
sand (15, 000) and up to fifty thousand (50, 000) inhabitants, and shall
not be less than one hundred thousand dollars ($100, 000. 00) in cities,
towns and villages having more than fifty thousand (50, 000) and up to
one hundred and fifty thousand (150, 000) inhabitants, and shall not be
less than five hundred thousand dollars ($500, 000. 00) in any city, town
or village having more than one hundred and fifty thousand inhabitants
(150, 000); the number of inhabitants in each case to be ascertained or
determined by the last Federal or State enumeration; and no bank shall
start business until all of the capital stock provided for in its charter and
an additional sum equal to 20% thereof, as surplus shall have been paid
for in full in money and no payment shall be regarded as made by the
delivery of any note, security or or¹ property of any kind as a substitute
for money, except as otherwise provided by law. Provided that this
section shall not apply to any person, co-partnership, incorporated bank,
or other incorporated institution now engaged in the banking business
in this State, except in such cases where said person, co-partnership, in-
corporated banks or other incorporated institution doing a banking business
shall hereafter undertake to establish a branch or branches outside of the
city, town or village in which they are now located. In such a case the fore-
going provisions relative to capital and surplus shall be complied with,
by adding to the capital and surplus of the parent institution, the amount
that would be required hereunder if such branch or branches were sepa-
rately incorporated. And provided, further, that in estimating such addi-
tion to the capital and surplus of the parent institution, credit shall be

¹ Evidently a typographical error. Should be 14.